Probate & Trust Administration

 

Probate-Because of the costs of court involvement in the probate process and the potential for involvement of lawyers who collect fees from the estate of the deceased, many people try to minimize costs associated with the probate process.  There are tremendous legal and tax complexities in the probate process, so it is advisable to have a will and speak with a lawyer and financial professional in order to insure that our loved ones are not left with the complicated and often messy task of distributing the assets of your estate upon your passing.

 

Trust Administration-A trust administrator takes care of trust assets for the benefit of the beneficiaries.  The trust administrator may be either an individual or an organization such as a bank or specialist trust company.  The trust deed sets out the specific duties of the trust administator.  In addiiton, the law imposes certain more general duties on anyone who administrers a trust.  If he fails to comply with his legal duties, the trust administrator could potentially become personally liable for any losses.

 

To learn more about a Funded Revocable Living Trust click here.  To learn more about a Qualified Personal Residence Trust click here.  To learn more about Irrevocable Life Insurance Trust click here.