Estate Planning

Probate can be avoided when:

• There is a valid living trust is in place.
• The assets are held in a payable-upon-death account with a named beneficiary
  • examples include life insurance, retirement, and investment accounts
• The assets are worth less than $150,000 in value.

The probate process should be avoided whenever possible as it involves time delays, legal and other expenses, and a loss of control over administration of assets. The process is confusing and can be overwhelming with extensive documentation and filing requirements.

The best way to avoid the probate process is to have a living trust in place long before you expect to need it.

Otherwise Probate is required.

When probate is required securing legal guidance is the best way to simplify and streamline the process for everyone involved.

Without going through the probate process, you (as an heir or beneficiary) cannot take legal ownership of most assets left by the deceased. In order to gain legal ownership (title, deed, etc…) probate is required whether a will exists or not.

Note: A “will” ensures that your assets are passed to your heirs according to your wishes, it does however require probate.

Book an appointment to discuss your probate needs, or estate planning needs.

Wills and trusts

Bay Legal helps plan your estate, to help conserve and protect assets for you and your loved ones.

A will or testament is a legal document that expresses a person’s wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution.

Wills can be fairly straightforward and simple or extremely comprehensive and detailed depending on the complexity of your estate and how you want to handle passing on your assets.

A Will ensures that, after death, your estate will be disbursed according to your wishes.

A Trust, goes into effect as soon as you create it, and the terms apply while you are still alive and dictate the disbursement of your estate either before or after your death, or both before and after.

Wills and Trusts each have their advantages and their disadvantages depending on your unique situation and ultimate goals for your estate. Bay Legal estate planning attorneys can discuss your unique needs and help you find the best solution.

Book a consultation to talk about your estate planning needs