Wills, Trusts and Probate

We have all heard horror stories about someone dying without having the proper wills and trusts in place. Without the proper estate planning set up, you leave your family in a position where they might have to fight for your estate in probate court, wracking up high fees and eating up a portion of the estate.

Wills and trusts are designed to be put in place while the client is still alive, to ensure that actions are carried out as the person wishes after they have died. While a simple will may be all you need, it will be subject to probate after you die, whereas a living trust will help your family members avoid probate and its fees.

A simple will and testament dictates to whom your property will be given, names a guardian to care for any minor children, names someone to manage assets that have been left to minor children and names an executor of the will – a person with the authority to make sure that the terms of the legally binding document are carried out. However, a basic will does not avoid probate. It is admitted to probate and becomes a part of the public court records.

Probate court proceedings, which deal with the distribution of assets, the validity of wills and ensures all debts have been paid, can take six months to a year and cost up to 5% of your estate in court fees. If you are looking to avoid probate your best bet might be a living trust instead of a will.

A revocable living trust avoids probate because your assets are titled in the name of your trust at the time of your death. Any items not included in the trust at the time of death, will be subject to probate.

Alan Reinfeld and Michael Cabrera are attorneys who specialize in wills and trusts and in all manners of estate planning. We will help you determine what type of planning is necessary in your particular situation and whether a will or a trust would better suit your needs.