Probate
Sep. 12, 2018
Avoid probate with clarity about which assets a trust controls
A good estate plan requires a clear understanding as to which assets are controlled by the trust terms. Counsel who rely on the shortcut of generic assignments may create the kind of confusion that will generate expensive litigation, erasing any benefit from their legal work.
4th Appellate District, Division 1
Julia Craig Kelety
Associate Justice
Cornell Law School
Estate planning attorneys do a good job of explaining the benefits of probate avoidance to their clients. After all, if a family needs to go to court to probate even a modest estate, the estate will be obliged to pay filing fees, publication costs, referee fees, the administrator's fees and attorney fees. A simple revocable trust can be created to obviate the need to go to court and incur such costs.
Of course, in some cases, these ...
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