During their lifetime, individuals should plan for their estate administration. They can use various methods to do so. This can include creating a will, making trusts and more options. With these options, the administration of these individuals’ estates can be known after their death. This can make it easier for families to administer the estate since the deceased’s wishes will be known to them.
In a will, an individual can name who they want to be their executor and who will be the beneficiaries of their estate. These individuals will be highly involved in the process, especially the beneficiary. The deceased individual will have already said what assets they want to be distributed to their loved ones. They should plan for their valuable assets to be taken care of.
What Does Probate Do for Estate Administration?
The process of probate determines the validity of a will so that the court adheres to it. For a will to be considered valid, it must be made when the individual is in a clear state of mind. They should not be coerced in any way by another individual that may benefit from their estate administration. When individuals sign the document, there will be witnesses present and the document will be notarized. This adds to the validity that the document is legal. When the individual dies, someone must file the will in the Surrogate’s Court of the country where the deceased person resided. This individual is usually the person who is named as the executor of the will. They are most often named in the will by the deceased individual to complete the tasks that are left behind. A valid will is important to determine how your estate will be administered. Without a valid will, your possessions may be under the government’s authority to disperse.
How Can a Trust Be Beneficial?
A trust can be a beneficial way to plan for an estate because it may be able to avoid the probate process. By avoiding this process, beneficiaries of the estate can be able to gain possession of the trust in a quicker way. Trusts may also be able to provide tax benefits. Since there are various types of trusts, it’s important to review what benefits each trust has.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.