What Is Probate?
Probate refers to the process whereby a Will is approved by the Court as the last valid will of a deceased person and confirming and giving legal authority to the executor named in the will to administer the Estate.
Administration of the Estate is the process of dealing with the assets and debts of the deceased person according to the instructions contained in the will and according to the requirements of the law.
Submission of a Will for probate involves following specific procedures to prepare the application for submission to the Court.
In An Estate What Is A Trust Used For?
Wills sometimes include provisions for money or assets to be held and invested by the Executor of an Estate. This constitutes a Trust and for the purposes of the trust the Executor is called a Trustee.
For example, where monies are to be used for the care and education of a beneficiary(s) under a specified age, the Trustee will hold and invest the monies “In Trust” for the beneficiary until the beneficiary attains the specified age.
There are various other forms of Trust which may be useful in Estate plans and you should obtain experienced legal advice whenever you may be considering the use of such instrument.
As always we would be pleased to answer any questions or concerns you may have in regard to these topics.