Trusts

What is probate?
Probate, as it pertains to trust, is any legal matter relating to enforcing or disputing the trust of a deceased person. Upon death, the personal assets of the deceased must be distributed and a trust is a document created by the person prior to death that transfers their assets upon death without being subject to the probate process, which is a court governed process that regulates the distribution of these assets. However, even with the wishes of the deceased individual mapped out by way of a trust, disputes can still arise that require legal intervention.

How does a trust work?
A trust is a document that transfers title property of the individual, a grantor, to another individual, a beneficiary, prior to death so as to avoid the probate process. During the life of the grantor, he/she retains control over the property as though they owned it. The trust process is:
  • Grantor transfers all assets (property, bank accounts, partnership interests, etc) to the trust
  • Grantor becomes trustee and retains complete control of assets
  • Grantor assigns co-trustees to distribute assets as ordered by grantor
Advantages of using a trust
  • Court supervised probate process is skipped
  • Usually less costly than administering a will in probate
  • Beneficiaries receive assets after death much quicker
  • Some death taxes can be avoided
In all probate matters, it is recommended that you seek professional legal assistance to protect your interests. A lawyer who has experience in this area of law can give legal advice that will assist you with the matter and will ensure that the judicial process is properly followed.