Hiring The Competent Estate Lawyer Is Important
Contact an estate lawyer who is experienced in creating estate plans such as wills and living trusts and other asset protection instruments. Most men and women do not like discussing end of life issues but such events must be brought up in order to assure the rights of loved ones who will stay behind once the estate holder leaves this world. Most people report that once they have an effective asset protection plan in place that they have peace of mind.
If a person dies without having a clear directive about the distribution of money and property the courts will decide who receives the money and property left behind by the decedent. A living trust and a will are documents which name the beneficiaries of the decedent’s money and property that are created by the owner of the land and property. A trust is not a complicated document but the trust must be properly formed so that it will withstand judicial review.
The living trust must be properly written and properly funded so when the owner of trust passes away the transfer of assets can be made smoothly and without incident. The owner of the trust is referred to as the trustee. Basically, the owner of the trust is holding assets in trust for the benefit of the person who is named in the trust who will receive named assets at the death of the trustee.
The probate process takes money from the assets that are supposed to go to the beneficiary. The probate court charges a percentage of the assets for court costs. The lawyers charge legal fees which are taken from the value of the assets which means that the beneficiary of the assets left by the decedent pay for the court costs and legal fees.
The will, before it can go into effect, has to be authenticated. The will can be challenged by anyone, in the probate court, who might claim that the will is not authentic. The assets in the will can be attached by creditors to the estate of the deceased in probate court.
Probate reduces the amount of assets the beneficiary receives because the probate court charges a fee and lawyers have to be paid. The probate court and lawyer fees come out of the assets left by the decedent. But in reality the beneficiaries pay for court costs and legal fees.
A living trust does not have to be authenticated by the court so there are no legal or court fees coming out of the assets. The beneficiary of the decedent’s assets does not have to wait for the completion of a court process and receives the decedent’s assets immediately. A living trust is a private matter between decedent and beneficiary whereas a will is a public matter and can be challenged in court, can be attached by creditors, or can be printed in the newspaper.
An estate lawyer helps create living trusts for people who want to leave their assets to their loved ones upon their death. People who die without a will or living trust will have their assets distributed by the state. The probate court will distribute a decedent’s assets if the decedent had a will and the court will charge the beneficiary of the will court costs and Real Estate Lawyer Brampton fees. The living trust transfers the assets to the beneficiary immediately without court cost, lawyer fees, or publicity.
Looking for Real Estate Lawyer Mississauga, civil lawyers, or Civil Lawyer Brampton? We are Mississauga and Brampton’s premiere law firm to help you with your legal needs.
