Introduction to Trusts Law

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Estate planning lawyers help their clients plan for what will happen to their property and assets after they die. This includes creating wills and trusts and ensuring that all of the client’s financial affairs are in order. • FULL ARTICLE: • https://rmolawyers.com/what-does-an-e... • Estate attorneys also help implement their clients’ decisions about who will inherit their property and how much they will inherit. Ultimately, estate lawyers provide peace of mind to their clients by helping them plan for the future and ensuring their wishes will be fulfilled after they are gone. • While some estate lawyers will help with the probate process after death, most of an estate planning attorney’s responsibilities occur before their clients pass away. It’s also important to note that even if an estate lawyer assists with probate administration, most do not also handle probate disputes or litigation. • Who Notifies the Bank When Someone Dies? • When a person dies, their bank accounts typically need to be closed. In some cases, the executor of the estate will be responsible for notifying the bank. However, if the account is jointly owned by another person, it may be up to them to inform the bank. In other cases, it may be the responsibility of a beneficiary named in the account holder’s will. It’s essential to check with the bank to determine their specific requirements. • What Happens to the Deceased’s Bank Account? • When someone dies, what happens to their bank account? It depends on how the account is set up. • Most joint accounts include a right of survivorship, which allows the surviving joint owner to become the sole owner of the account when the other joint owner dies. Likewise, if the deceased was the sole owner of the account and they have chosen a beneficiary using a payable on death (POD) or transferable on death (TOD) designation, then the beneficiary will inherit the funds in the account. • When assets in a bank account are passed through survivorship or a beneficiary designation, they are excluded from the probate process. This means that the terms of the will are irrelevant to who receives the money. • However, if the deceased was the sole owner of the account and they have not designated a beneficiary, then the account will be closed, and the funds will become part of the estate. The same is true if they were a joint owner of an account without a right of survivorship. This means the money will be distributed according to the terms of the will or, if there is no will, according to the state’s laws of intestate succession. • Does an Estate Lawyer Handle Probate or Trust Administration? • Generally, no. • Estate planning lawyers help their clients plan for the distribution of their assets after death. This process typically involves creating wills and trusts, which can be vital to ensuring that one’s final wishes are carried out. • However, estate planning lawyers do not typically handle the probate or trust administration process. That is usually handled by a probate or trust attorney. However, some attorneys do provide both estate planning and assistance with basic probate or trust administration. • Does an Estate Lawyer Handle Will Contests and Trust Disputes? • No. • If you need to contest a will or resolve a trust dispute, you will need to hire a probate litigation lawyer. Estate planning lawyers create documents such as wills to trusts, but they typically do not handle will contests or disputes. And while they have knowledge of probate law, they are typically not well-versed in the litigation process. • Probate litigation lawyers are better equipped to handle disputes that arise during the administration of an estate because they have the necessary knowledge and experience to handle these complicated matters. When dealing with conflicts involving a will or trust, it is vital to consult with a lawyer who specializes in this complex area of law. • Looking for legal representation? At RMO, we protect people like you everyday. • Learn more at: https://rmolawyers.com/services/proba... • Call (424) 320-9444 or email [email protected] • • Connect With RMO Lawyers: • / rmo-rahn-muntz-o'grady-llp • / rmolawyers • / probateandtrustlitigators • About RMO Lawyers: • RMO LLP serves clients in Los Angeles, Santa Monica, Orange County, San Diego, Kansas City, Miami, and communities throughout California, Florida, Missouri and Kansas. • Our founder, Scott E. Rahn has been named “Top 100 – Trust and Estate Litigation” by SuperLawyers, Trusts and Estates Litigator of the Year, and Best Lawyers in America for Litigation

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