In order to plan for your estate administration, there are certain steps to take to make sure your assets are in good hands. When facing the death of a loved one, it is nice to know that they have everything planned out. This can give you and your family a peace of mind to know that you just have to follow their demands. The probate process proves the validity of legal documents regarding estate administration. Probate involves the validation of legal matters regarding a deceased person’s estate.
How does a will plan my estate?
Through a will, a person’s wishes following their estate can be respected. This legal document can ensure a person’s wishes regarding their estate are being followed after they die. The process of probate proves the legality of the will and allows the court to distribute the assets as they are outlined in the document.
Who is the executor?
Before the deceased individual passes, they will have assigned someone as an executor to their estate in their will. This person has to make sure that the proper possessions are given to the people named in the legal document. They could also be appointed by the court in certain situations. As an executor, they will have substantial responsibilities that require their attention. The executor is the representative that has the legal responsibility to take care of the deceased person’s remaining financial obligations. Some of their responsibilities include providing accounting to the court, paying outstanding debts and taxes and collecting, protecting and distributing assets according to the will’s specification. If an executor is not performing up to the standard of cooperation, they may be removed from the position.
How can a trust be beneficial?
Through a trust, it provides a way to pass assets outside of probate. Because of this, there are some benefits to obtaining a trust. A trust can pass assets more quickly to people since it avoids the process of going through the Surrogate Court. With a trust comes tax benefits too. Through a trust, beneficiaries can save on taxes that would normally be fixed on the asset they are receiving. Since there are various types of trusts developed for various reasons, individuals have options. They should consider all the factors and benefits that come with each specific trust.
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.