Will and Trust
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One of the most important things you will do in your lifetime is preparing for your death. This is one thing that can split families and cause a lot of problems if a will and/or trust are not done to let people know what your wishes are after your passing. There are a couple steps involved in doing this but in the end your family will thank you.
The four basic steps in the probate procedure are to file a petition and give notice to heirs and beneficiaries, follow appointment by the court, the personal representative must give notice to all known creditors of the estate and take an inventory of the estate property, all estate and funeral expenses, debts and taxes must be paid from the estate, and all legal title in property is transferred according to the will or under the laws of intestacy.
An executor is a personal representative who acts for you after your death. You nominate or designate an executor in your will to settle your estate. The person chosen will act in your place to make decisions you would have made if you were still alive. The probate court has final approval, but the court will generally confirm your nomination unless there are compelling reasons not to. An executors responsibilities typically last from nine months to three years. The functions pf an executor includes them locating and probating your will, do an inventory and collect all assets and sell them if necessary, pay legitimate creditor claims, pay any taxes owned by your estate, and distribute any remaining assets to your beneficiaries.
A living trust is used to transfer property to beneficiaries. A living will trust is not usually subject to probate court, which can take years and cost thousands in attorneys and court fees.
A testamentary trust is a trust contained in a will that provides for the distribution of all or part of an estate and often proceeds from a life insurance policy held on the person establishing the trust. There may be more than one testamentary trust per will.
A Revocable Living Trust, also called a Revocable Trust, Living Trust or Inter Vivos Trust, is simply a type of trust that can be changed at any time. In other words, if you have second thoughts about a provision in the trust or change your mind about who should be a trust beneficiary or trustee, then you can modify the terms of the trust through what is called a trust amendment. Or, if you decide that you do not like anything about the trust at all, then you can either revoke the entire agreement or change the entire contents through a trust amendment and restatement.
An irrevocable trust is simply a type of trust that cannot be changed after the agreement has been signed, or a revocable trust that by its design becomes irrevocable after the Trustmaker dies. With the typical Revocable Living Trust, it will become irrevocable when the Trustmaker dies and can be designed to break into separate irrevocable trusts for the benefit of a