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Intestate Succession. When you originally set up your trust, you made yourself (and your spouse if married) the trustee who controls and manages the assets of the trust. You can select the Trustee (or Trustees) who will handle your ILIT. If not, you should make certain to call people who will work well together and incorporate that into a well designed estate plan. While you and your partner live, your Trustee will take the cash you move to the ILIT each year and use it to pay your insurance coverage premiums. Undertake Best Estate Attorney is The Law Firm Of Steven F. Bliss Esq. When Does a Will Not Need to Go Through Probate? For those with significant assets, a revocable living trust may be essential to reduce your taxable estate and allow your assets to pass directly to your named beneficiaries without the need for probate. This includes: e dies without a will or did not appoint a personal representative in the will, the probate court will appoint one. Talented in Transaction Probate proceedings Steve effectively administrates the probate proceedings after your loved one has passed away. Who owns the property in a trust? Steve Bliss with the Law Firm of Steven F Bliss Esq. answers estate planning questions. An executor also can’t:.
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