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The answer is that it depends upon the circumstances. If the situation is simple and straightforward and nobody in the family has any objections, a living trust can be settled in a month or two. Sometimes the grantor of a trust will leave instructions to keep the trust open for an extended period of time to allow the trustee to distribute assets incrementally. This could be a protection for a spendthrift, and it would be necessary if there is a minor beneficiary.
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A revocable living trust is actually a good choice if you want to avoid probate and all the drawbacks that go along with it. You would act as a trustee while you are alive, so you would not lose control of the resources that you sign over to the trust. In the trust declaration, you would name a successor trustee to administer the trust after you are gone, and your heirs would be the beneficiaries. When the time comes, the trustee would follow your instructions and distribute the assets to the beneficiaries outside of probate.
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Yes, there are some relatively significant expenses that accumulate during probate. The executor is entitled to remuneration, and an attorney and an accountant will often be engaged. There is a filing fee, and there will be appraisal and liquidation charges.
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No, the beneficiaries receive nothing while the estate is being probated by the court. It will typically take about eight months at minimum.
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The court will determine the validity of the will, and the executor will post a notice for creditors. They are given an opportunity to come forward seeking satisfaction during probate. A Tax Identification Number will be obtained by the executor, and they will establish an estate bank account. The executor will pay final debts, and they will identify and inventory the assets and prepare them for distribution to the inheritors. When everything is in order, the probate court will close the estate, and the heirs will receive their inheritances. This is a depiction of the process in a perfect world when there are no complications, but extenuating circumstances (like a will challenge) can enter the picture.
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A lot of people assume that there is a “reading of the will” to the people that are named in it, and the executor will subsequently distribute the assets. In reality, this is not the way it works. If you use a will, the executor would admit the will to probate and the court would provide supervision during the estate administration process.
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Yes, the executor is the individual that would handle the estate administration tasks if you utilize a will to direct asset transfers after you are gone.
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Estate administration is the process that must be undertaken after you pass away to bring your wishes to fruition.
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