Probate is the court-supervised process developed under Pennsylvania law which has as its goal the transfer of your assets at your death to the beneficiaries set forth in your will, and in the manner prescribed by your will. It also provides for the relatively quick determination of valid claims of any creditors who have claims against your assets at your death.

A probate has advantages and disadvantages. The probate court is accustomed to resolving disputes about the distribution of your assets in a relatively expeditious fashion and in accordance with defined rules. In addition, you are assured that the actions and accountings of your executor will be reviewed and approved by the probate court.

Disadvantages of a probate include its public nature; your estate plan and the value of your assets becomes a public record. Also, because of lawyer's fees and possible executor's commissions, expenses may be greater than the expenses incurred by a comparable estate managed and distributed under a living trust. Time can also be a factor; often distributions can be made pursuant to a living trust more quickly than in a probate proceeding.

TO WHOM SHOULD I LEAVE MY ASSETS?

Once you have determined who should receive your assets at your death, I can help you clarify and appropriately identify your beneficiaries. For instance, it is most important to clearly identify by correct name any charitable organizations you wish to provide for; many have similar names and in some families, individuals have similar or even identical names. It is also important for you to consider alternative distribution of your assets in the event that your primary beneficiary does not survive you. As for beneficiaries who by reason of age or other infirmity may not be able to handle assets distributed to them outright, trusts for their benefit may be created under your will or living trust.

WHOM SHOULD I NAME AS MY EXECUTOR OR TRUSTEE?

After your death, the executor of your will and the trustee of your living trust serve almost identical functions. Both are responsible for ensuring that your wishes, as set forth in your will or living trust, are implemented. Although your executor is generally subject to direct court supervision, both the executor and the trustee have similar fiduciary responsibilities. The trustee of your living trust may assume responsibilities under that document while you are living.

While you may act as the initial trustee of your living trust, if you become incapable of functioning as a trustee, the designated successor trustee will then step in to manage your assets for your benefit. An executor or trustee may be a spouse, adult children, other relatives, family friends, business associates or a professional fiduciary such as a bank.

HOW SHOULD I PROVIDE FOR MY MINOR CHILDREN?

A minor child is a child under 18 years of age. If both parents are deceased, a minor child is not legally qualified under Pennsylvania law to care for himself or herself. In your will, therefore, you should nominate a guardian of the person of your minor children to supervise that child and be responsible for his or her care until the child is 18 years old. Such a nomination can avoid a "tug of war" between well-meaning family members and others if a guardian is required. A minor is also not legally qualified to manage his or her own property. Assets transferred outright to a minor must be held for the minor's benefit by a guardian of the child's estate, until the child attains 18 years of age. You should nominate such a guardian in your will as well. In providing for minor children in your estate plan, you should consider the use of a trust for the child's benefit, to be held, administered and distributed for the child's benefit until the child is at least 18 years old or some other age as you may decide.

HOW DOES THE WAY I HOLD TITLE MAKE A DIFFERENCE?

The nature of your assets and how you hold title to those assets is a critical factor in the estate planning process. Before you change title to an asset, you should understand the tax and other consequences of any proposed change. I will be able to advise you about such matters.