What you should know about Estates and Trusts in Palm Beach County

Proper estate planning is often overlooked…

What you should know about Estates and Trusts in Palm Beach County

Few people want to even think about the probate process, let alone plan for it. But when avoidance can seem like an untenable idea, it’s essential to know that a trust can shield your hard-earned assets and loved ones from the state and its legal system, which can benefit probate administration.

estates and trusts

Trusts are often overlooked in estate plans, but they’re an essential part of proper will creation. While trusts don’t necessarily avoid probate, they generally make the process easier and more efficient. Here’s what you need to know about Estates and Trusts Palm Beach County.

What’s trust?

A trust is a written document that explains how you want any money to be spent during your lifetime and how you want any money in the trust distributed after you die. It makes sure that your wishes are followed. You can set up a trust for almost any reason, but my most important use for it is estate planning.

A trust can give you more control over what happens to your money if something happens to you.

What’s probate?

Probate refers to the court process in which the validity of a will, the distribution of an estate, and the payment of any debt are verified. Because there is currently no way to ensure that instructions written in the will are carried out after your death, it’s vital to be firm in your instructions. Probate can take many months or even years to process, so getting your affairs in order is essential.

Why probate is terrible news

It’s unnecessarily expensive

The probate process can cost a lot, and the costs vary from state to state. Even if your estate is small, there could be a lot of fees to pay out before your family receives their inheritance. If you own property in other states, it may also have its probate process. It’s a good idea to get a general idea of your state’s rules so that you’re prepared for the worst-case scenario.

Your estate is no longer a family affair

The Public Nature of Probate turns your family into objects of scrutiny. Not only can everyone look at your will, but they can also petition the court to open your estate to interested parties. It means that a disgruntled heir or a solicitor with ulterior motives can contest your will and pressure family members.

Time-consuming

Probate can be a long and difficult process that takes months or takes a lot longer. During this time, assets are frozen so that nothing can be distributed or sold without court or executor approval. If your family needs money to live on, they must request support, which may be denied.

Why you do need a trust

Putting certain assets in a living trust can ensure that your loved ones won’t have to go through the costs and complications of probate when you die. If you’re married, or if you named a successor trustee, this is especially important. When you become incapacitated, the successor trustee will be able to manage your assets according to your wishes — and will even manage your healthcare decisions.

estates and trusts

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