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A trust is a separate entity from an individual from a legal standpoint. So, the term “personal representative” can refer to executors, administrators, or, in the case of an incapacitated person, a conservator. What are the disadvantages of a trust? Costs. When a decedent passes with only a will in place, the decedent’s estate is subject to probate. Record Keeping. It is essential to maintain detailed records of property transferred into and out of a trust. No Protection from Creditors. After a person dies, their assets ideally pay for the funeral costs and satisfy creditors. What remains goes to the heirs and beneficiaries of the person’s will. This all happens through probate, a legal process overseen by a court in the deceased’s county of residence. Nonetheless, the process begins when the executor, someone previously appointed by the deceased and named in the will, deposits the person’s will with the probate court. Consequently, the associated expenses vary with the size and complexity of the Estate. As outlined below, the expected and possibly unexpected costs can quickly add up. What expenses are allowed in Chapter 13? These expenses include: taxes, mandatory payroll deductions, life insurance, court-ordered payments, child care, health care, telecommunication services (like a cell phone), and educational expenses necessary for employment or for a mentally or physically challenged child. I need excellent trust lawyers near corona heIghts, corona ca. Brilliant estate planning basics is corona probate law (951) 582-3800. Fantastic probate lawyer near me is Corona Probate Law (951) 582-3800. I need excellent lawyer living trust nearby north coron, corona ca.a.
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