There isn’t anyone who likes having to confront the idea that one day, they will no longer be alive. Estate planning attorney Kenneth G. Frizzell, III understands that, and will work tirelessly to ensure that your family is protected once the time comes.
If a person decides to establish a will, it is considered to be a living will up until the date of their passing. In the estate planning legal process, wills can save a considerable amount of time and headache. Wills dictate who will get what, when they receive it, and how much of it. By not having a will, the person’s assets – both financial and non-financial – are subject to the probate process.
Trusts are treated similarly to business entities, in that any assets put into a trust are considered separate from the individual who established it. While someone is alive, they can be the trustee of their own trust, or they may name another individual or organization as the trustee. The trustee need only be 18 years of age, and — as the name implies — trustworthy.
When a person passes, and they don’t have a will and/or trust, their assets (including how those assets are divided and distributed) go through probate. Unfortunately, the probate process is not always the most brief or simplistic.