We Can Help - Se Habla Español
Call407-680-1471

Probate versus trust administration

Having a proper estate plan in place is vital, even for parties with limited assets. People work hard to establish their assets, and therefore have the right to determine what happens to those assets when they are gone.

A proper estate plan must have an instrument in place to organize the distribution of assets. When choosing between a will and a trust, it is important to understand a few key differences between the probate and trust administration processes.

Probate

In short, the probate process is the administration of an estate when there is a will in place, as well as when there is no estate designation upon the passing of an estate holder. If the estate plan is legitimate and detailed, it can aid in expediting the probate process. However, the process is an extensive one and takes some time. Though a will may designate the estate holder's wishes, the court must still approve the estate administration process.

Trust administration

Certain types of trusts do not require a probate process. When assets enter into certain types of trusts, those assets no longer belong to the estate holder, meaning they are no longer a part of the estate. In such cases, the full estate administration does not apply to the trust. However, there are still trust administrators, or trustees, who must ensure beneficiaries receive the trusts upon the passing of the party who created the trust, or grantor.

Proper selection

Depending upon the amount and value of assets an estate holder has, and the intent of giving those assets to certain parties, it may make more sense to have a will or trust in place. In some cases, parties choose to utilize both methods. To make this important decision, it can be beneficial to review the law and consult with a knowledgeable professional.

While parties may alter their wills, they may not be able to make certain changes to a trust once it is in place. Therefore, parties should make sure they are confident in their decision before putting either measure in place.

No Comments

Leave a comment
Comment Information
  • Avvo Clients' Choice
  • Lawyers.com
  • ATG
  • JDSUPRA | Give Content. Get Noticed.
  • SSF | Short Sale Facilitators
Email Us For A Response

Contact Korshak & Associates

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

North Office
950 South Winter Park Drive
Suite 290
Casselberry, FL 32707

Toll Free: 800-587-2470
Phone: 407-680-1471
Casselberry Law Office Map

South Office
BY APPOINTMENT ONLY
14115 Town Loop Blvd #300
Orlando, FL 32837

Toll Free: 800-587-2470
Phone: 407-680-1471
Orlando Law Office Map

Back to Top