During someone’s life, they should plan for their estate’s administration. When they eventually die, this can have their plans in place already. Individuals can use various approaches to planning for their estate. 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. A will is a document that can include an abundance on information regarding the administration of an estate. In a will, an individual can name who they want to be their executor and who can be the beneficiaries of their estate by claiming part of their property. 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 through distribution.
What is probate?
The probate process declares the validity of a will. This means that a court can use it as a legal document to decide estate administration. 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.
Is a trust more beneficial than a will?
A trust can be a beneficial method that individuals can use to plan for their estate because it can avoid the probate process. By avoiding this process, beneficiaries of the estate can be able to gain possession of the trust in a quicker time period than they would if it was relayed in a will. Trusts may also be able to provide tax benefits. With various types of trusts, there are various benefits to each one that can provide a better alternative for some planners and beneficiaries.
The attorneys at JD Katz have years of experience compassionately guiding clients in Maryland through the estate planning and administration process. Our firm also has experience with matters of elder law, business law, tax law, and litigation. For a legal team that will put your needs first, contact JD Katz today.