Estate Planning

An estate consists of the property and assets which belong to any one person, including you. Recently, an estate has been found to include anything of value that belong to a person at their death. So the house you own, your car, bank account value and other personal belongings all are part of your estate. Upon death, the assets in one's estate will be distributed to the heirs of the estate. A will is the most commonly used legal instrument for the distribution of the property of a deceased person. Before property can be disposed of pursuant to the terms of a will, the will must be submitted to a probate court having jurisdiction of the estate of the deceased. Often, there are significant costs and obstacles your loved ones face when your assets are distributed through the probate process.

Due to this, many people choose to place their assets in a trust with specific directions on how these are to be distributed after death. Setting up a trust allows you to bypass the probate process and for your personal belongings to be distributed according to your wishes. A trust is a three-part agreement in which the owner of an estate, or the trust’s "grantor," transfers the legal title to assets to somebody else (the trustee) for the purpose of benefiting one or more third parties (the beneficiaries). For more information on trusts or how you would like to plan for your estate, come see one of our experienced attorney's at Sagaria Law.

Estate Planning Topics Library
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