Probate

Events Calendar 09-04: Be In The Know 09-05: ALTCS 101 09-17: 17th Annual Elder Issues Conference

What is probate?
Probate is the process of transferring assets titled in the name of someone who has died into the name of a living person. A will by itself does not transfer property. A will is a set of instructions to a court. The will must be submitted to a probate court and the court issues orders that transfer the property or that give the "Personal Representative" (also known as the "Executor") power to transfer the property. This process of submitting the will to the probate court and going through the process required to transfer the assets is called "probating the will" or "probating the estate."

Avoiding probate
A properly drafted living trust can help your family avoid the expense and delay of a probate. A living trust acts as a holding company for your assets. As trustee of your living trust, you will manage your own assets for your own benefit. Upon your death, a successor trustee of your choosing will take over the management of your trust and will either distribute the assets to your heirs or, if you so direct, will manage the assets for the benefit of your heirs and distribute money to them over time to meet their long-term needs. All of this is done without having to involve the probate court.

For more information on probate, or for questions regarding public benefits (Medicaid/ALTCS and VA) and other health care options, please call toll-free at 1.800.243.1160 or request a consult by clicking here. There is no cost for this initial phone consultation.

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