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Finding The Experienced Estate Lawyer

A proper asset protection plan, created by an estate lawyer, includes a properly created living trust which is a legal instrument created not only to make asset transference easy but also to avoid probate court and legal fees. Most people do not like talking about end of life issues. However, it is important to take steps today for the sake of loved ones who will stay behind even if one has to for a moment deal with issues that will surround his passing from this world.

The courts will distribute a decedent’s assets if that decedent dies intestate. To die intestate means to die without a written will. A will is a legal instrument which declares an individual’s instructions as to who is to receive his assets upon his death. The will is said to speak at the will writer’s death in other words the will is in effect upon the death of the asset holder.

The will must go through the probate process before the will is legally valid or deemed to be authentic. The probate process can last as little as three months or the probate process can take years to complete. The more complex the estate, the more people who challenge the authenticity of the will, and if creditors attempt to attach assets in the will, the longer it will take to complete the probate process.

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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.

Before a will can be legally binding the will’s authenticity must be validated. The process where the will is examined is called the probate process and can take months to complete. In some extreme cases the probate process can take one or more years to complete.

When a will is filed in the probate court long lost relatives can challenge the will and creditors can attempt to attach assets in the decedent’s estate. However, since the living trust is a private matter between the decedent and his beneficiary the estate is not made public. The living trust must be properly created so that asset transference can be made smoothly and without legal challenge.

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.

Hire a Real Estate Lawyer Brampton to prepare a living trust because a trust must be properly written and properly funded in order for it to take proper effect at the time of the death of the trust owner. Many people try to create their own living trust because they do not want to pay legal fees. However, many would be beneficiaries find out that the living trust that was supposed to transfer assets to their name was not created properly and is therefore invalid.

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