Hey there, my friends!
Are you aware of the importance of probate and trust administration in elder law? If not, then you're in for a treat! In this episode, I had the pleasure of speaking with Greg
McIntyre, law partner of Brenton S.Begley, about the significance of probate and trust administration in elder law.
During our conversation, we discussed how probate is necessary for passing assets through a will, the role of the court in appointing an executor, and the importance of probate in handling pending litigation, contracts, and other legal actions. We also talked about the benefits of using a trust to control the distribution of assets and
avoid certain limitations of life insurance policies.
We emphasized that probate is the only process by which a will can pass assets and that the will is essentially worthless until it is submitted to probate and an executor is appointed. The court asserts jurisdiction over assets that do not have a prearranged beneficiary and appoints an executor to act on behalf of the court. The probate process is necessary for passing titled assets and ensuring that
the terms of the will are followed.
We also discussed the benefits of using a trust to control the distribution of assets and set stipulations for their use. A trust can be created during one's life or through a will at death. The probate process provides the court order necessary to ensure that assets are passed correctly to the correct people through the will or trust.
Brenton S. Begley, explained that while
some clients may want to avoid probate due to long-term care bills or Medicaid recovery, for others, routing assets through probate can be beneficial. This is because it forces the parties involved to go through a process where the court can hold everyone accountable and make a final decision on how things are split up.
We ended by emphasizing the importance of not waiting too late to plan for elder law issues, as they can be complex and overwhelming.
We also mentioned that probate can be a beast and meticulous, and that trust administration will be discussed in a separate episode.
As Brenton S. Begley said, "It's important to have a plan in place, so that when something happens, you're not caught off guard." So, my friends, if you want to learn more about probate and trust administration in elder law, then tune in to this episode!
