Why is a will and trust important?
Probate is a legal process where decisions are made regarding the allocation of deceased assets if no will or trust was created for distribution. To avoid paying legal fees for the distribution of assets that may be significant, it's recommended to write a will or establish a trust.
- Typically, assets owned solely by the deceased person go through the probate process. The legal procedure called probate validates a deceased person's will, pays their debts, and distributes their assets.
- Bank accounts are assets that can be subject to probate if a will is not left behind or a trust is not established.
- Legal ownership of an asset means that an individual has rights and control over the asset throughout their lifetime. Typically, the probate process is required for assets solely owned by the deceased person.
