If an individual passes away and leaves a will, it will have to be probated in the county where the individual lived. The probate process is very complex and after all of the issues have been addressed and letters have been sent by the Executors, the estate can be administered.
When there is no will or trust, a court proceeding will have to commence for the estate to be settled and for the court to determine who the next of kin is. An individual should consider speaking with an Northfield Trusts Lawyer. Trusts can help to manage an estate during an individual’s life and dispose of the assets when they pass away.
Payment Of Bills
When a trust is established, it can be used to pay for a variety of bills such as educational and medical needs of the beneficiaries. A trust can also be included as part of a will or a separate situation. When a trust is used, the probate process can be avoided and it will minimize estate and income taxes with the help of a Trusts Lawyer in Northfield.
Will And Estate Planning
If an individual wants their children to have money from their estate, they can design a trust that will retain the assets until the child is old enough to handle assets in their name. Assets can also be set aside for a spouse and any remaining assets can be transferred to the surviving child in the event of the spouse passing away. In this type of situation, income tax could be avoided on the second spouse’s estate.
This trust is used when a beneficiary might be receiving benefits such as Medicaid or disability benefits. A Trusts Lawyer Northfield can designate a trustee to disburse the money for extra monetary benefits for the individual without losing their payments from the government. An estate does not have to be large in order for an individual to establish a trust.
If you are considering establishing a will, estate or trust, Orlowsky & Wilson Ltd will be able to help you. They have many years of experience providing personalized attentive service to their clients.