Avoid probate – Part 6 – Ease of Administartion

            Probate actions are inherently complex.  The Court rules and processes must be followed.  Distant or remote relatives may need to be contacted or involved.  Stakeholders may need to be formally served with process.  These steps take place before any matters of substance are addressed. 

            Probate requires Court filings, accountings, and motions to approve actions.  The Court must approve distributions.  Banks and financial institutions will require Letters Rogatory or other acceptable verification to allow the Personal Representative to act on behalf of the Estate.

            In contrast, once properly set up and funded, a Living Trust controls and not the Court.  Your Successor Trustee can act promptly and without any Court action or supervision to manage and distribute your assets and address your affairs.  Banks and financial institutions regularly deal with Living Trusts and their supporting documents such as Certifications of Trust to authorize acts by Successor Trustees. 

            In addition, directions and instructions in your Living Trust control the actions of your agents and how your affairs are addressed.  Court approval is not required.  Living Trusts remain private, with the entire Living Trust quite often not disclosed to all beneficiaries.  Living Trusts are more difficult to challenge. 

            One key example to illustrate the ease of administration of a Living Trust is the primary residence of a married couple.  Upon establishing the Living Trust, title to the house is placed in the name of the Living Trust through a Quit Claim deed.  The Quit Claim deed process is fairly simple and not time consuming.  When the first spouse passes, the Living Trust does not care.  The Living Trust simply goes on owning title to the house.  The surviving spouse may stay in the house, sell it, or otherwise address it as seen fit.  Probate offers no such easy or efficient process.

            Those left behind should grieve for you and not be tied up in months or years of Probate proceedings to address your affairs.  Estate Planning Attorney Michael Geiger at (901) 219-5549 or at michael@geigerattorney.com can assist with these concerns and all your planning needs.