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What is Probate and Should I Consider a Trust?

Posted on: March 11th, 2015

Probate is the legal process of transferring ownership of assets after ones death.  Probate assets are such things like a bank account or a stock certificate.  If a person dies owning probate assets, a legal proceeding in the Probate Court will be necessary to transfer these assets to the individuals names in the decedents will.  This can be a very lengthy and expensive procedure.

A Trust is one of the tools that may be used in order to avoid probate.  The person who will be creating the Trust is called the “Grantor” and the person who is entitled to benefit from this Trust is called the Trust’s “Beneficiary.”  A Trust will also name a “Trustee” who is responsible for the control of any assets transferred to the Trust and manages those assets for the Beneficiary.

With a properly drafted and implemented Trust, one will be able to avoid probate, and also have assets managed during your children’s lifetimes, if necessary.  You will be able to determine if a Trust is appropriate for you by consulting with an experienced estate planning attorney.

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