Estate planning may seem like it begins with drafting a document to transfer your assets, but don’t be fooled—that’s just the tip of the iceberg. What you decide before that step can determine the future of everything you’ve worked for. If you haven’t yet considered the estate administration process, you’re putting your assets—and your legacy—at serious risk. Here’s why you need to act now.
Will Administration and Probate: A Ticking Clock You Can’t Ignore
If your estate plan is built around a will, you’re setting your loved ones up for a lengthy and potentially costly process. Upon your death, an executor will be tasked with managing your estate through probate—a slow-moving, court-supervised procedure that opens the door to legal challenges, creditor claims, and public scrutiny.
Once your will is submitted to probate, creditors are given a finite window to stake their claims. Meanwhile, the executor must identify and value your assets, all while dealing with legal hurdles and probate fees that eat away at your estate’s value.
And here’s the kicker—everything about the probate process is public. Your financial matters, your decisions—open for anyone to see. When the court finally deems everything settled, only then can your beneficiaries receive what’s left of your estate. The problem? Probate could drag on for months, even years, leaving your loved ones waiting.
Living Trusts: The Immediate Solution You Can’t Afford to Overlook
If you want to avoid the delays and costs of probate, a living trust is your answer—but you need to act now. With a living trust, your assets skip probate entirely. You stay in full control as the trustee during your lifetime, and when you’re gone, the person you designate as successor trustee takes over without court interference.
But it’s not just about saving time. It’s about protecting your privacy and ensuring your beneficiaries don’t face unnecessary roadblocks. You must name a capable successor trustee, whether that’s someone close to you or a professional fiduciary. The wrong choice here could spell disaster—mismanagement of your assets, delayed distributions, or worse. If you don’t decide now, you’re risking everything.
Your Successor Trustee’s Role: No Room for Mistakes
Once your successor trustee steps in, the clock starts ticking. Their first priority is to secure your death certificate and notify critical agencies like Social Security and the Health Department. Next, they contact your beneficiaries, lay out the terms of the trust, and take immediate control of your assets.
The trustee must secure an Employer Identification Number and prepare to manage taxes. They’ll appraise assets if necessary and settle any final debts. All this needs to happen quickly, efficiently, and with absolute precision. A misstep here could delay distributions or expose your estate to legal battles.
Most of the time, the trust will be closed once the assets are distributed. But if your trust includes minors or stipulations for beneficiaries to receive periodic distributions, it could remain active for years. That’s why choosing the right trustee is critical—they will control the financial future of your loved ones for potentially decades.
Don’t Wait—Your Legacy Is On the Line
The time to act is now. Relying on a will alone puts your estate—and your family—through the public, time-consuming ordeal of probate. A living trust offers a faster, more private solution, but it demands careful planning. Every decision you delay today leaves your estate vulnerable to delays, legal challenges, and unnecessary costs tomorrow.
This isn’t just paperwork—it’s the future of everything you’ve worked for. Waiting could cost your loved ones more than just money. Don’t let time, the courts, or creditors take control of your legacy. Make your move now.
Since you are here, you must be looking for information about estate planning, and we have some learning opportunities coming up in the near future. Attorney Caprice Collins in conducting a number of events, and we encourage you to join us.
Join us for a FREE WEBINAR on Strategic Estate Planning on Saturday, November 23rd
Attorney Collins will lead her last in person seminar of the 2024 year with an insightful session on safeguarding your family’s wealth through effective estate planning. This is truly your opportunity to seize and understand comprehensive estate planning and ensure your legacy is protected.
Don’t miss this chance to secure your future. We look forward to having you with us!
NOVEMBER 23RD SEMINAR LINK
If you’d like to reserve your seat at our end-of-year November 23rd webinar, please use the link above or call our office at (310) 677-9787. Don’t miss this final opportunity of 2024.
