Probate & Trust Defined

Overview

When dealing with real estate in Probates, Trusts & Conservatorships; The Monique Walker Team can provide Executors, Administrators, Trustees, Beneficiaries and Conservators the requisite clarity to realize the best result when selling.

Trusts

A trust is a written legal instrument created by a grantor during his or her lifetime or at death for the benefit of another. Property is given to a trustee to manage for the benefit of a third person. Generally, the beneficiary gets interested and dividends on the trust assets for a set number of years. The property itself has sometimes been termed the “corpus” of trust.

Probate

Probate in general is the judicial process in which an instrument purporting to be the will of a deceased person is proven to be genuine or not; lawful distribution of the decedent’s estate. In essence, it’s the legal process of administering a will. Also, the judicially supervised process for marshaling a decedent’s assets, paying proper debts, and distributing the remaining assets to the persons or entities entitled to them. An estate may be probated even if there is no will.

Conservatorships

A conservatorship involves a court proceeding to appoint a manager for the financial affairs or the personal care of one who is either physically or mentally unable to handle either or both.