What Happens if You Die Without Creating a Will or a Trust?

When one passes without an established will or trust, your state’s probate laws consider you to be “intestate,” which means your estate will be administered in accordance with the state’s laws of intestate succession. These laws determine who will inherit property from your estate using a predetermined formula decided by the legislature. Every state utilizes their own form of probate code and intestate succession laws to decide who should inherit your assets. The probate court oversees the entire process. Through intestate succession, your “heirs at law” who are typically children, siblings, or any other close relatives of the deceased, will receive the distributions of your estate.

Do you want to choose how your estate is distributed, or do you want the state to decide for you? Because if you do not have a will or trust set up, your assets will not be distributed according to your wishes. Talk to a knowledgeable attorney who can successfully draft your plan according to your preferences. You will put your loved ones at ease as you minimize the probate process and its expenses, delays, and loss of privacy. Contact Tresp Law, APC to build your estate plan today and start planning your future.

Starting a Career in Estate Planning

Estate Planners guide clients through a very important decision making process. This includes the distribution of assets, insurance, and financial matters for a family upon one’s death. Your role guides all matters including life insurance claims, probate, trusts funds, and tax affairs. Knowledge and experience is vital in becoming an estate planner. You must have effective communication skills and legal knowledge to be successful with drafting wills, trusts, and other planning documents.

Some beneficial undergraduate degrees for estate planning are finance, accounting, management, tax, business, and law.  A concrete understanding regarding probate, tax law, and life insurance processes are vital to estate planning. You need the soft skills of communication, empathy, and a strong business sense to effectively work with clients and ensure their satisfaction.

Contact us to learn more and potentially start a career in this fascinating field of law. Our principal attorney, Elizabeth Tresp, is passionate about mentoring and supporting the practices of future attorneys.

How To Choose a Trustee

When creating your Estate Plan, you will encounter the crucial decision of choosing the right trustee to manage your trust estate. When you ask yourself who you can trust to manage and protect your estate, you need to consider whether they are financially responsible. Additionally, they need to understand your values and feelings about money in order to successfully carry out your wishes. Your trustee (or trustees) will be responsible for making investments on your behalf, filing annual tax returns, and managing distributions to the beneficiaries in accordance with your wishes. Depending on the type of trust you have, the trustee will oversee your assets. Most people choose a family member, close friend, or professional to manage their estate.

The most common types of trustees are individual trustees and corporate trustees. Individual trustees can be someone you know and trust or a professional private fiduciary. Corporate trustees are institutions who typically take a percentage of your overall estate on an annual basis in compensation for their services. Make sure that your trustee is willing to commit, is reliable, has good decision-making skills, and is honest. Depending on the size and type of your estate, your trustee may hold considerable power, so consider that in your choice. Contact Tresp Law, APC to speak with an attorney who will guide you in choosing the best trustee to fulfill your estate plan according to your wishes.

What are the Pros and Cons of Entering Probate Court?

Probate is the legal process of validating a will, if applicable, and distributing a deceased person’s assets after their passing. The main goal of the probate process, and the involvement of the probate court, is to protect the decedent’s property, inventory their assets, ensure all debts are paid, and then distribute the estate per their testamentary wishes or per the probate code, whichever is applicable.

Although probate is often seen as a tedious and costly process that most people do not want to experience, if unavoidable, it has its benefits. Entering probate court guarantees the court will oversee the administration of the decadents’ affairs. Court oversight can lessen the worries of a beneficiary. 

For those who have died “intestate”, which means without a valid will or trust, the decedent's property goes through “intestate succession” per the probate code. Ultimately, the goal of the process is to ensure that property goes to the people you want it to go to, and if you don't express your will, then to your legal heirs.

On the other hand, probate has its drawbacks since the process can be lengthy and stressful. The probate process will typically take at least one year to eighteen months and can take up to several years depending on the complexity and nature of the assets, debts, and beneficiaries. Because of the long duration, inheritance may be postponed for the heirs. Nobody wants to sit through court proceedings or meetings with attorneys after a loved one recently passed. Legal expenses reduce the value of your estate that passes to your heirs. In addition, the probate process is a public proceeding in which your personal family matters and financial information is available to the public.

Tresp Law, APC, will guide you through the probate process with care, compassion, and confidence. Our attorneys work with you to administer the decedent’s estate, identify and distribute assets to the beneficiaries, and provide services for other issues that may require the attention of a probate court, including Lost Wills, Will Contests, Removal of Executors, and a variety of other Probate Litigation matters. Contact Tresp Law, APC and speak with one of our attorneys who have extensive experience representing clients in probate cases involving assets in multiple states and international assets, including real estate, stocks, bonds, annuities, and other investment forms.