Do we need to set up a will or trust,?: We have two adult children and few assets, home, car and small savings.
Travis’s answer: Your question is best answered by a thorough review by an estate planning attorney. There may also be assets that you are not thinking about or other things that should be considered that an experienced attorney can gather during an interview. There are a lot of reasons to choose a will or a trust and an estate attorney can explain the difference in depth and as they relate to you. Furthermore, an attorney will also likely help you with disability planning with powers of attorney. It may also make since as the other attorney commented that you just place beneficiary designations on everything. However, even if you are placing beneficiary designations, you may want to have a will just in case the beneficiary designations fail or you fail to place designations on all your assets.
Credit report in newspaper: If there is a trust and the person passes,is it necessary. To publish in newspaper a creditors report through probate court
Travis’s answer: In Michigan, a trust can place a notice to the creditors in the Newspaper. The benefit is that if creditors fail to come forward then they can have their rights extinguished. You should also send notice to known creditors. You should consult with an attorney to determine whether publishing the notice is beneficial to you. It is generally done, because of the benefits it provides to the trustee. You may also want to talk to an attorney to assist with the administration of a trust. While it can be simpler than probate there are plenty of pitfalls that can easily be navigated by an attorney experienced in trust administration.
What are non-probate assets when a person dies?: What are non-probate assets when a person dies? What does he have to do all his assets are not probated assets? His bank account is a non probated assets, because of a revocable trust.
Travis’s answer:
A non-probate asset is anything that doesn't need a certificate of authority from the Probate Court to transfer. For example, an account with a beneficiary designation does not need probate and is transferred to the person who is named. A life insurance policy passes to the named beneficiary without probate. Trust assets also do not require the probate court's authority to transfer.
If assets are titled in the trust they can be handled by the named trustee. Usually you will need a certificate of trust to prove that the trustee has the authority to make whatever changes or transfer the asset in the trust.
It is important to determine that the assets are in the trust or that the beneficiary designations were made properly or you may still need to go to probate court. Furthermore, you will likely benefit from talking to an attorney about trust administration to make certain that you are following the trust and not creating problems for yourself.