There is nothing worse than experiencing the loss of a family member. When this happens, you will be faced with a variety of questions. Furthermore, it will take time to grieve the person’s passing and regain normalcy within your day to day life.
At some point, sooner rather than later, you will want to learn more about will and trust administration. When a person passes on, it is important to determine what will happen to his or her assets.
Note: if the person had an estate plan, it will outline what should be done next. This makes the process much easier on the loved ones left behind.
Will or Trust
If your loved one had a will, the family will go through the probate process. We have put together a checklist that outlines the finer details of what to expect when a person passes away with a will in place.
What about a living trust? This process is different than that associated with a will. Rather than probate, the family will go through trust administration. Once again, we have created a checklist of things you should and should not do during this time.
Steps to Take
There are times when a family is dealing with a death and unsure of what to do next. Unfortunately, this often times leads to mistakes, such as retitling assets that should have been left alone for the time being.
If you are concerned about these types of errors, contact our law office to setup a free consultation. We can review your situation and help you understand the legal side of your loved one’s death.
Nobody wants to think about a loved one passing on, but most people have to go through this at least once in their life. The more you know about probate and trust administration the easier it is to move through this process in a timely and efficient manner.
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- The Questions of Estate Planning, Part 4: Where - December 30, 2019
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