WHY DO I NEED TO OPEN A PROBATE ESTATE IF I HAVE A WILL?
In order to act on behalf of the Decedent and transfer assets pursuant to a will a probate estate must opened with a personal representative appointed who will be given letters of authority to act on Decedent’s behalf. The estate may either be unsupervised or supervised. The court may supervise an estate in order to make sure assets are being properly transferred.
A trust may be utilized to avoid the expense and delay of probate. A trust has several benefits including minimizing estate taxes, shield assets from potential creditors, preserves assets for your children until they are grown, it can create a pool of investments and managed by professional money managers. Assets are transferred into the trust, and a trustee must is named who will be responsible managing the assets for the beneficiaries of the trust.