Your Questions, Answered

Estate Planning FAQs

  • An estate plan helps make sure your wishes are followed if you become unable to make decisions or after you pass away. It can help protect your loved ones, avoid unnecessary stress, and make the process of handling your affairs much easier.

  • A will explains how you want your assets distributed after you pass away and names guardians for minor children. A trust can also distribute your assets, but it may help avoid probate, provide more privacy, and allow your assets to be managed according to your instructions over time.

  • Yes. Estate planning isn't just about wealth. It also allows you to choose who can make financial and medical decisions for you if you're unable to do so, and it helps ensure your belongings go to the people you choose.

  • It's a good idea to review your estate plan every three to five years or whenever you experience a major life event, such as marriage, divorce, the birth of a child, retirement, or a significant change in your finances.

  • Most estate plans include a will or trust, financial power of attorney, healthcare power of attorney, and an advance healthcare directive. Depending on your situation, additional documents may also be recommended.

Probate Administration FAQs

  • Probate is the legal process of settling someone's estate after they pass away. This usually includes identifying assets, paying debts and taxes, and distributing what's left to the rightful heirs or beneficiaries.

  • No. Whether probate is required depends on the type and value of the assets and how they were owned. Some assets can pass directly to beneficiaries without going through probate.

  • Every estate is different, but many probate cases take between six months and one year. More complex estates or disputes can take longer.

  • A personal representative (sometimes called an executor) is responsible for managing the estate. Their duties include gathering assets, paying bills, communicating with beneficiaries, and distributing property according to the law or the will.

  • While not every probate case requires an attorney, legal guidance can help you understand your responsibilities, avoid costly mistakes, and keep the process moving as smoothly as possible.

Trust Administration FAQs

  • Trust administration is the process of managing and distributing the assets held in a trust after the person who created the trust passes away or becomes unable to manage their affairs.

  • In many cases, yes. A properly funded living trust can allow assets to pass to beneficiaries without going through probate, saving time and maintaining privacy.

  • A trustee is responsible for carrying out the instructions in the trust. This may include managing assets, paying bills or taxes, communicating with beneficiaries, and distributing property according to the trust's terms.

  • The timeline depends on the size and complexity of the trust. Some trusts can be administered in a few months, while others may take longer if there are real estate sales, taxes, or other complicated assets involved.

  • Sometimes, but not always. Before making distributions, the trustee must identify assets, pay any outstanding debts or taxes, and make sure all legal responsibilities have been met. Once those steps are complete, distributions can usually begin.