Probate, Wills And Estate Planning

Probate

Probate is the broad term used to describe the winding up of the affairs of a deceased person with the aid of the court. This aid can be in the form of Independent Administration, Dependant Administration, Heirship proceedings, Small Estate proceedings, and Muniment of Title. Some proceeding require a valid Will. Other proceedings are used when there is no Will.

The attorney must aid the legal representative of the estate ( the Executor or Administrator) in properly discharging his or her responsibilities. This can be as simple as one hearing or as complex as a multiple hearing probate. All depends on the facts of the case.

Wills, Trusts and Estate Planning

Wills, trusts and estate planning are the tools used by individuals to direct what happens with their property during their lifetime and after. There are, of course, limitations based upon law and public policy, but for the most part, a person is given considerable latitude in how they dispose of their property.

A Will allows a person not only to dispose of his or her assets, but to name their choice of guardians for their children, should such a need arise. Trustees can be named to hold money or property for individuals who are unable to manage the property or money because of age or disability. Trusts can be set up for a spouse or children. Children can be even disinherited.

Trusts can be established during a person's lifetime or upon death. There are many reasons why people establish trusts: Tax planning, health reasons, travel, asset protection, estate planning involving provision for spouse or children. Trusts can be Revocable (assets can be taken back) or Irrevocable (assets are gone forever from settlor).

Estate Planning is a broad term that describes the current and future disposition of a person's property and economic rights. This is often associated with tax planning, but can also be merely the provision for family circumstances, such as a special needs child or spouse. The most common vehicle used is the Trust in its many forms. There are Revocable Trusts, Irrevocable Trusts, Pour-over Trusts, Family Trusts, and Q-TIP Trusts to mention some of the more common types.

Frequently Asked Questions about Wills