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The main reasons for setting up an irrevocable trust are for estate and tax considerations.
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It includes locating and determining the value of the decedent�s assets,paying his final bills and taxes,then distributing the remainder of the estate to his rightful heirs or beneficiaries Mission Beach Probate Lawyers Estate Planning You’ll also need to pay all applicable taxes,as well as file a final income tax return on the estate.
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It is also recommended (but not required) that each person be sent a copy of the Petition for Probate with all attachments Probate Mission Beach Probate Lawyers Then the court will schedule a hearing to approve the executor (or hear objections from other parties).
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A trust administration is NOT a court-supervised process,yet its ultimate goal is also the transfer of property from an individual who has died (the �decedent”) to that individual�s beneficiaries who are identified in the living trust best Mission Beach Probate Lawyers Living Trust Attorney domain (619) 717-7964.
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