One of the biggest issues with probate is the Living Trusts, which are assets left for the benefit of the surviving spouse or beneficiaries of the couple after the death of one of the partners. Have a look at Oren Ross & Associates – Roswell Living Trusts Attorney for more info on this. A probate court determines if a Living Trust is proper, and the Trustee issues assets to the Beneficiaries. It is then up to the beneficiaries to use the money for their personal purposes, or to pay off debts, or whatever they choose. But, it is very important that these assets go to the Beneficiaries now, before the Trustee dies, or the Trustee revokes their Living Trust and liquidates their assets. For this reason, many people are turning to an experienced Living Trusts attorney to help them determine if a Living Trust is right for their situation.
If you are concerned about how to handle your assets following your spouse’s or partner’s death, you should speak to a Living Trusts attorney. If you decide to utilize a Trust, they can help you establish one, review the legal issues involved, and help you decide if a probate court is necessary. The initial step in creating a trust is setting up a Beneficiary, which can be either a family member friend, or business colleague. Once the Beneficiaries are chosen, the trust will be established and the process begins. During this time, the Trustee serves as the primary caregiver for the trust, while the other members of the couple hold onto their rights to the assets. After the primary caregiver passes away, the remaining members of the couple have the choice to revocable Living Trusts and distribute the assets based on their own needs.
There are several factors that must be looked at when deciding if a probate court is necessary. One factor is the age of the couple when they married, if the couple was not together long enough to file an asset control statement, and if there are a lot of assets to divide. Another important thing to consider is whether the couple has a will, and what assets it contains. It is also important to understand whether the assets can be transferred without the consent of the trustee. If a Living Trust is decided upon, and it should be, a Living Trustee must be chosen, and his duties will vary depending on the particular trust.