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Beneficiaries can challenge them, but that can get as ugly as probate court. The bottom line is that if you go with a trust, choose your trustee carefully. Finding and working with a financial ...
Executors can apply for probate themselves (which is often done to reduce legal fees) or be represented by a lawyer. With the application for probate, the applicant must also provide the original of the will, an official death certificate (not the one issued by a medical professional), a copy of the death notice and a statement of the known ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
The process can sometimes take years, not to mention the piles of paperwork and legal fees. For example, when the beloved entertainer Prince passed away in 2016, the legal dogfight over his estate ...
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Probate is potentially costly, and probate records are available to the public while distribution through a trust is private. Both living trusts and wills can also be used to plan for unforeseen circumstances such as incapacity or disability, by giving discretionary powers to the trustee or executor of the will.
The probate process ensures that assets go where they should but can take over a year and incur fees. Virginia’s process can be particularly long and costly and includes an unusual probate tax.