When a will enters into probate, an attorney reviews the debts of the deceased. In probate, all debts must be paid before any funds are released to the family. This includes paying off mortgages, credit card debts, and outstanding balances in which creditors present a lien.
Reviewing Asset Protection
Probate attorneys guide estate owners in the creation of wills and estate plans. This allows them to utilize the law to protect their assets and reduce penalties for their loved ones. They use these tactics to reduce the tax implications and help their loved ones keep more their money. Among the most popular ways to protect monetary assets are trust funds and foundations.
Starting a Trust Fund
Trust funds allow estate owners to transfer their wealth into an account for future use. Trust funds are created to provide financial support for minor children in the event that both parents die. They are also used to pay for the child’s college education. The owner sets up provisions to protect the funds.
For example, if the parents die while the child is a minor, a trust fund pays for their care. These provisions prevent a caregiver from manipulating the child or their trust fund for financial gain. The provisions could require detailed receipts for all money spent. To review the opportunities for probate administration in Chandler, AZ contact your preferred attorney. Click here for more details.
Starting a Foundation
Probate administration in Chandler, AZ is used to review foundations set up by estate owners. A foundation is created to transfer wealth out of the estate. This reduces the total value of the estate. It is an option to allow a transfer of ownership before the estate owner dies. This decreases tax implications since the transferred wealth isn’t a part of the estate when the owner passes.
Estate planning helps you prepare your family for probate administration in Chandler, AZ. It allows you to manage concepts that could affect how your family receives their inheritance. Through administration, your debts are reviewed and settled for you. However, with a careful estate plan, these debts could be settled through an insurance settlement. To learn more about these concepts, contact the law firm of Janet R. Feeley L.L.C.
