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Can a Living Trust beat Probate?
Anyone who owns an asset of a certain worth can go through probate. The assets that can go through probate include stocks, bonds, real estate, personal belongings, bank accounts, antiques and more. When you title the name of these assets its very important. Titling an asset can determine how they will be passed along to your heirs or beneficiaries. Probate is the process that passes your assets to your heirs after you die through the court process. Probate occurs when you have a will, or when you don’t have a will. Either way, probate will happen. Probate happens in the probate court of the state that you own the assets in. Probate can also happen in multiple states if you own assets titled there. For example, if you own your primary residence in California and a vacation property in Tennessee, your heirs would be open two probate cases. One in each state. Probate is a derivative of the latin word "probatio" meaning- to prove. Probate is designed to prove that the assets were yours, and are to be passed to your heirs in the manner that you would have chosen. Probate is also the place that debtors prove that you owed them money and go to collect. Probate is triggered after you die. Sometimes it can begin immediately if there are important issues to settle, such as burial or custody. Other times it can take a bit longer to begin if the family is not prepared to transfer or sell an asset immediately and it is triggered when they start the transfer process. Probate can be a heartbreaking and lengthy process for the family and no one should have to go through it. You can beat probate. You can avoid probate all together. It takes proper planning and knowledge of the probate process. There are qualified legal experts who can assist you in this type of planning, also known as estate planning. When you are beginning your journey to avoid probate before death, know what you want. Discuss with your trusted advisor your wishes, family history and any potential problems. When you begin your journey to create a probate avoidance plan, you also need to consider if your children are recipients of any state or federal aid that may be affected.
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Probate
Probate
- Your "Estate" is everything you have accumulated during your lifetime — real estate, stocks, bonds, savings, businessinterests, retirement plans, life insurance and personal effects.
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The American Bar Association estimates that approximately 70% of American Adults have the “Do Nothing Plan”
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The key to avoiding probate is simply to not own enough for your estate to qualify for probate. One way to accomplish this is to create a Revocable Living Trust while you are alive, to hold your assets for you.
Probate
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Rancho Cucamonga, CA
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Hemet, CA