Trusts and Probate
A Will is the basic instrument used to communicate one’s wishes for assets and the care of one’s children. However, because of the complexities and potential contests inherent in the probate process, we often seek to utilize the best estate tools to assist clients in avoiding the probate process. One way to do this is to create a revocable trust.
As the trustee of a revocable trust, you maintain control over your property and assets while placing them in the custody of the trust itself. The trust actually owns the property and assets and provides continuity beyond your lifetime typically without resorting to the probate process.
The successor trustee, whom you have previously named, takes over the management of your property and assets when your trusteeship stops. Further, you determine how this person manages or distributes your property and assets.
Trusts are not for everyone. But they provide an excellent option to many potentially complicated or demanding inheritance situations.