When there are minor children or family members with special needs, it’s critical to have an estate plan, advises the Capital Press in the article, “Ag Finance: Why you need to do estate planning.”
Probate is costly and time consuming, and becomes even more so when minor young children need protection. Simple wills are frequently written, so the estate goes to the child when he reaches age 18. However, few teens can manage big property at that age. A trust helps, by directing that the property will be held for him by a trustee and only pass control when they are older.
Probate is the default process to administer an estate after someone’s death, when a will or other documents are presented in court and an executor is appointed to manage it. It also gives creditors a chance to present claims for money owed to them. Distribution of assets will occur only after all proper notices have been issued and all outstanding bills have been paid.