Signing Name to Power of Attorney Without My Permission

Get the "Report"
"How to beat probate hands down."

Signing Name to Power of Attorney Without My Permission

Can a Living Trust beat Probate?

Probate vs. living trust is a time tested debate. There are hundreds of resources, often expensive, to dictate what type of planning that you need.

Regardless of what the size of your estate is, you need an estate plan. An estate is defined as everything that you personally own. This includes real estate, bank accounts, stocks and bonds, insurance and retirement plans, and personal belongings. If you choose not to plan ahead, don’t worry, your state will have a plan for you. That’s called probate. Should you choose to plan ahead, there are choices to make and documents that you will need to ensure your wishes will be carried out. This website is designed to help you to understand what each piece is and to utilize it properly.

So what is the choice? Probate or a living trust?
Many people have parents or family members didn’t have to go through the process of probate, or they went through a fast one. Keep in mind that society is in a different age now, and what happened years ago isn’t the same as it is today. The states and federal government need money. Where better to get money than from the passing of an estate from you to a loved one?

By creating a good estate plan, you can manage what happens to everything you own while you are living and after death. Don’t leave everything that you’ve worked so hard for all of your life to chance, or the government. Don’t be mistaken, estate planning is not only for the elderly. It should be for anyone in the asset accumulation phase of life, in addition to the asset preservation phase. Plan for the protection of your minor children, and even for your adult children.
The way to avoiding probate is simply to not own enough for your estate to qualify for probate. One way to achieve this is to create a Revocable Living Trust while you are living, to hold your assets. Another is to collect as little wealth as possible.

Every State has a minimum dollar value amount before your estate would qualify for probate. If you die owning less than the minimum threshold, its possible that you may be able to avoid probate. Its always very important to check the laws for your state. In addition to the state fees for probate, the legal and executor fees and other costs of probate are currently estimated by the AARP at 8-10% or more of an Estate’s gross value (before debts are paid). These costs must be paid prior to your estate being distributed to your heirs. Also, if you own property in other states, your family could face multiple probates.

The timeframe to complete probate is also another major complication. Normal timeframes for probate can last anywhere from nine months to two years. During this period, your heirs cannot access your assets, transfer them, or do anything without the courts approval. As the assets are frozen, your family may need money to live on and have to petition a request for an allowance. This allowance can be denied through probate.
Probate is also a public affair. The court files are open to the public so anyone can see what you owned and who you may have owed money to. Your family can be victim to deceitful solicitors. Unhappy beneficiaries or those who believe they may be entitled to a piece of your estate can also contest the proceedings, thus increasing the cost and length of probate on your estate.

All of that being said, a Living Trust may be an option for you. A living trust is a legal entity that is created for you to hold your assets while living and at death. It is an efficient way to avoid probate because the entity lives on beyond you. It gives you the freedom and ability to plan for your heirs beyond the grave. It will save the expense of attorneys and legal costs, protect and preserve your assets and allow your family to carry on your legacy.

Sometimes the choice between probate vs. a living trust is easy, call us for more information and free state comparison chart.

This publication is designed to provide accurate information in regard to the subject matter covered. It is not intended to be relied upon for legal, accounting, tax or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

For more information please contact us at: 1-888-627-3847.

Signing Name to Power of Attorney Without My Permission

Your "Estate" is everything you have accumulated during your lifetime — real estate, stocks, bonds, savings, businessinterests, retirement plans, life insurance and personal effects.
The American Bar Association estimates that approximately 70% of American Adults have the “Do Nothing Plan”
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.