When a person is unable to act for themselves, the process of probate must be carried out to ensure there is someone acting on their behalf. An example of when the probate process is taken into consideration is when a person passes away while they have assets and property that need to be distributed. Since they can no longer sign any paperwork to transfer the estate, the probate process will have to take place so a proper representative can be appointed, and these matters can be dealt with as soon as possible.
Though probate is essential to properly deal with the estate, there are some drawbacks to the process. One of the biggest disadvantages of the probate process is the time it takes to complete. If probate occurs due to death, then it often takes a minimum of four months and often much longer for everything to conclude and this can be very tiring and inconvenient for the loved ones who have a right over the estate and assets that were left behind. Not only is it time-consuming but it is also often very costly as well due to court costs and legal battles that can quite literally drain one’s finances.
The good news is that a person can avoid probate by making sure they get proper estate planning done while they still have the chance. Estate planning allows a person to create trust, and this can help them avoid extensive taxes and even prevent their children from being disqualified from government benefits as well. A trust is a legal entity that works to manage and maintain a person’s property when they are no longer able to do it themselves.
When should a trust be established in Saint George, Utah?
A trust can be established while a person is still alive, also known as a living trust, or it can be established at their death through the creation of a will, this is known as a testamentary trust. An estate planning lawyer can help a person figure out how to manage their finances and can help them understand what their best course of action is to ensure their assets are protected and distributed the way they want.
Get in touch with an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead today to get help with the probate process or to get thorough estate planning done so one’s assets are managed properly.
Reach them at:
43 South 100 East
590 W Mesquite Boulevard