Probate

Law Made Easy Press
www.shenkmaneducation.com

Martin M. Shenkman, P.C.
Law Offices of Martin M. Shenkman, P.C.
4 Forest Avenue
Paramus, New Jersey 07652

Probate

People are often scared of probate; however, they are usually not even sure
exactly what it entails. Probate is the process of admitting a decedent’s will
to court in order to receive legal documents known as “letters
testamentary.”Letters testamentary give you the authority to act as executor of
will (if you were named executor in the will). As executor, you are in charge of
administrative tasks, such as collecting and distributing assets and paying
debts:

• People avoid probate because they think it will make them lose money.
  But in fact, you can save money by paying an executor pay.
• Usually the process only takes a long time because of litigations,
  complications, or wieldy professionals.
• A living trust is a contract (often a revocable trust, which means you
  can change it at any time,) in which you can place all your assets, except
  for pension and retirement funds, into one trust.
• Living trusts do not actually save money but they do save time and
  energy by consolidating and simplifying all your assets.
• Creative planning and living trusts:
  • Picking how to distribute assets. For example, if you have a
    family business, and a child from a previous marriage works there,
    make sure to put the business in their trust.
  • Consider having two living trusts, one for yourself, and one for
    your spouse, in case of complications.

The above is a summary of a segment of the show Simon Says: Manage Your
Money, sponsored by Simon Financial Group, with guest Martin M. Shenkman, Esq.
an estate planner in Paramus, New Jersey. Watch the video clip of this segment
on www.shenkmaneducation.com for more financial
tips.

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