The primary purpose of a Revocable Trust is the avoidance of the probate process and its attendant problems in the event of death, incapacity or incompetence. The advantages of a Revocable Trust are numerous, assuming there has been proper funding of assets to the Trust, while the disadvantages are minor.

The estate administration process includes the probate of an estate and the filing of tax returns for the decedent and his or her estate and/or trust. We have listed the basis concepts and responsibilities with which you should become familiar if you have been named as the Personal Representative of an estate or the Trustee of a trust.

WHAT PROPERTY WILL PASS UNDER YOUR WILL

All property which is in your name alone will be disposed of by your Will. For example, a bank account, stock, real estate, your automobile, furniture, household items and similar items in your name will pass under your will. If you own an undivided interest in property as tenant in common with another, your undivided interest will also pass under your Will.

Many of our estate planning clients often state: “I have a very simple estate. Why shouldn't I just make everything joint with my child (or children) now, thus avoiding probate and possibly reducing taxes?” In certain situations we believe the creation of joint tenancies is a good planning device. However, as you will see from the following examples, jointly-held property is not always such a good idea. Please consider these potential problems carefully. We will be happy to help you decide on an estate plan which may or may not involve the use of joint tenancies.

Let’s face it – the family run business is the backbone of the American economy.  One-third of all Fortune 500 companies are family controlled .  Seventy-eight percent of all new jobs created in the country are in family-owned companies.