The best thing a nominated Trustee can do is decline to serve (I’m only kidding…or perhaps not). The second best thing is to hire an attorney. It's no secret among those who regularly practice in trusts and estates that living trusts have been oversold for the past 15 years.
When it comes to death and real estate transactions, not all are created equal. Probate law creates a separate set of rules depending on which party dies. Learn more here.
In some counties the probate process has become even slower with electronic filing.
In ancient days, 25 years ago, many title insurance underwriters believed that an executor (personal representative) needed to get past the creditor period (3 months) before he or she could validly sell real property owned by a decedent. Those days are gone, and for non-homestead property, all an executor needs is either an order approving the sale or the express power to sell stated in the Last Will.
A very common misconception is that if Mom or Dad has a Will, no probate will be needed when they pass away. That is wrong. There are some steps people can take to avoid a probate administration when they die, but signing a Will is not one.
There are lots of good reasons to incorporate a sole proprietorship when one considers the possible death of that person.
It always surprises us when our clients ask us if they are responsible for the debts of their deceased parents. We scratch our heads and ask, "Where would you get such a thought?" We are sure that in some societies at some times in history, children were liable for the unpaid debts of their deceased ancestors. But that's never been the law in the English colonies or United States.
In many cases only a qualified federal firearms licensee can transport a firearm interstate.
Just because a Last Will names you as executor, that does not bind you.
Inheriting a condo is no longer safe to walk away from.