What is the Probate process?
When an individual dies, their bills must be paid and their assets distributed.
If they die with a will (testate) then the will must be taken to the Probate Court, accepted as a valid document and filed with the Court.
If someone dies without a will (intestate) then each state legislature has established laws to determine who will receive their assets.
In either case, a Personal Representative is appointed and that individual is responsible for collecting all of the deceased assets, paying their final bills, including any taxes due, and then distributing the property, as directed by the will or the legislature.
All of this is subject to the overview and approval of the Probate Court.
The entire estate process can take from a few months to years, depending upon the state laws and the estate complexity.
What is A Trustee
A Trustee is a person or an organization (i.e. a bank) that holds or manages and invests assets (property or money) that are owned by a Trust Agreement for the benefit of another. The Trustee is legally obliged to protect the assets and distribute them according to the terms of the Trust. The duties and responsibilities of the Trustee are set out in the Trust Agreement and many states have statutes that also govern the activities of the Trustee. The Trustee may or may not be entitled to a payment for their services, depending upon the Trust language.
What is a Trust
A trust is a document you can create to have someone else manage some or all of your property during your lifetime or after your death. This document is called a trust agreement and the person you appoint as the manager of the property is called a trustee. The person who creates the trust is called the settlor, donor, grantor, or trustor (they all mean the same thing). The trustee can invest and manage the trust property for your benefit or for the benefit of another that you appoint in the trust. Whoever receives the benefit of the trust is called a beneficiary. In the trust you can set out the specific powers, responsibilities and duties of the trustee and they are obligated to follow these guidelines.
A Will...a way...to protect your Pets?
A will is a legal document that contains your instructions and wishes as to how to distribute your assets and property after your death. The person who writes a will is called a testator. The will can also appoint individual’s that can serve, if necessary, as a guardian for your minor children and nominate a personal representative to carry out the instructions of your will. Each state has minimal legal requirements that must be followed for a will to be valid and accepted by the courts. But generally, the will must be made by a competent adult, it must be in writing and signed by the testator and witnessed by a least two other individuals and a notary.
You can include a clause for your pets in your will with the appropriate language, but you need to be fully aware of the possible limitations and drawbacks. In some circumstances, the preparation of a pet trust is more appropriate in your estate planning for your pet. Today the majority of states accept and recognize some form of a pet trust.
