My sister and I were both a trustee of our parents’ estate. Because there are a lot of details neither of us was aware needed handling, it was a good thing for us. There are a number of complicated steps required by law when administering a trust & that’s what we’re discussing on the show.
You may be saying, “But, doesn’t having a trust avoid the legal work associated with a death?” Unfortunately not.
When someone dies, the process is very nearly the same whether there is a trust or probate. The difference between trust administration and probate is that the trust administration is done privately, while probate is handled publicly in court, and usually, probate is much more expensive. In a probate, the executor is required to use specific form documents and to get a judge’s permission to act, but the basic steps that must be covered in probate are very similar to the steps covered in a trust administration.
If you are the sole trustee as well as one of several beneficiaries, there are many steps you need to understand. Kirsten of the Absolute Trust Counsel is here to walk us through the most important things to know.
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