Trust Administration F.A.Q.
What is an estate plan? An estate plan designates how your assets will be distributed after death with the idea to minimize taxes and protect your assets, outlines how you would like to receive care as you grow older, and who can make decisions for you on your behalf.
What is probate? Probate is the court process to distribute the estate of a person after they pass away. If there is a last will and testament, the personal representative will already be designated and there will be directions on how to distribute the assets of the estate. If the deceased person has no will and testament, the state law will determine how the assets are distributed.
What are non-probate assets? A non-probate asset is an asset that will not be subject to court oversight. For example, a retirement account or life insurance policy that have beneficiary designations will pass to the individual listed and not go through the probate process.
What is a trust? A trust can minimize taxes and maximizes benefits for the person entitled to receive from it, while also providing protection of those assets. Trusts can be a great way to protect and distribute wealth to specific individuals. A trust can be created during a person's lifetime or can be created upon their death. Typically, the assets held in a trust avoid the probate process.