By having a trust, it provides a way to pass assets outside of probate. Because of this, there are some benefits to obtaining a trust. A trust can pass assets more quickly to people since it avoids the process of going through the Surrogate Court. With a trust comes tax benefits too. Through a trust, beneficiaries can save on taxes that would normally be fixed on the asset they are receiving. Since there are various types of trusts developed for various reasons, individuals have options. They should consider all the factors and benefits that come with each specific trust.
What documents are involved in probate?
Probate refers to the process that proves the validity of legal documents regarding estate administration. The probate process involves the legalization of matters regarding a deceased person’s estate. After you pass, your family will not have to worry about dealing with the distribution of your possessions. Instead, you will be preparing for the administration of your property, which can help ease your family’s emotional situation and relieve some stress from the experience. All of the decisions will be made already.
A will is a legal document that undergoes the probate process to prove that it is valid in the eyes of the law. When an individual makes a will, they outline who they want their possessions to go to. They may also choose an executor of their will. The executor is in charge of overseeing that the proper possessions are given to the right people as is outlined in the document. As an executor, they will have substantial responsibilities that require their cooperation throughout the process.
A will is vital to declare your wishes for your estate. Beneficiaries of a will are the individuals who are named in the document to receive an asset from the deceased person. If the individual who created the will was not healthy or lucid enough to decide the terms of the will, it may not be considered valid. Upon laying out the will, the individual will have to sign it and have two witnesses present to ensure the state of mind of the individual. For estate administration, it is important to consider all your options to ensure your property is in good hands.
If you require compassionate and knowledgeable legal guidance for a matter of divorce, family or estate law, please contact the experienced attorneys at the Law Offices of Cynthia L. Hanley today. Our firm proudly serves clients in Mansfield, Massachusetts and throughout Bristol County.