Peace of Mind Where you Need it Most : Planning, Calculating & Managing
Londonderry Law
 
Home
Legal Services
 Estate Planning  What is an Estate Plan?  Documents Used  Probate  Medicare & Medicaid  Funding a Trust  Advanced Estate Planning
 Tax Planning  1031 Exchanges  Charitable Giving  Tax Planning  Capital Gains  Tax Planning & Divorce  Real Estate  Gift Tax  Estate Tax  Alternative Minimum Tax
 IRS Disputes  Surviving the Audit  Disputing the IRS  Offer in Comprimise
 Business Planning  Business Formation  Choice of Enity  Starting a New Business
 Additional Practice Areas  Real Estate Law  Title Abstracting  Bankruptcy
Our People
Partners
Fees
Downloads
Links
Contact Us
 
Estate Planning: Probate
 
The probate court appoints the executor named in your Will to be responsible for making an inventory of your assets, paying your outstanding debts at death and then distributing the assets remaining in your estate in accordance with the terms of your Will. The probate process can be costly and very time-consuming. The probate process also makes public the identity and value of your assets. It is possible to avoid or reduce the costs of probate by funding your Revocable Trust during your lifetime. The major cost savings that can be accomplished through your Revocable Trust is the avoidance or reduction of probate administration. Probate is the court procedure which oversees the administration of your estate. If title to your assets is changed to your Revocable Trust during your lifetime, then upon your death, the successor trustee appointed under the Revocable Trust has authority to manage and distribute your assets in accordance with the terms of the Revocable Trust without any involvement/interference by the probate court system. Since the assets do not become part of, or pass into, your probate estate, there is no need for probate of assets placed into your Revocable Trust. The successor trustee named in your Revocable Trust has the fiduciary duty to manage and distribute Revocable Trust assets in accordance with the Revocable Trust terms. There is currently no direct probate court supervision of this process, therefore, the process will not be made public.
Privacy Policy | Disclaimers Copyright © 2005 Londonderry Law. All Rights Reserved. Terms of use