One of the biggest benefits of aTrust is that it avoids “Probate Court.” What exactly is a “Probate”? Probate comes from a Latin word meaning “to prove”. When someone dies with a Will the court must prove the Will is true. The court proves it is signed the right way and actually shows the person’s wishes. Probate also makes sure the person who wants to do the instructions in the Will is the right person for the job.
This person is called the “executor” since they execute, or do what the Will says. The court proves the person claiming to be “executor” is the one named in the Will. Otherwise anyone could claim they are the executor.
The Executor gathers up all of the assets and gives them out as instructed by the Will. The court issues certificates that this is the correct Will and the correct person, called “letters testamentary.” This proves to the banks and anyone else they are the right person and that the will is valid. Probate causes extra delays and extra money.
A Trust usually avoids this altogether. Property owners need a Revocable Trust. Call Ronald Cole Today.