She’s half right. With only a will, and without a trust, the people she has selected to inherit her property will receive it. But the property will be distributed through the probate process. A living trust is not necessary to protect her property, but it can be used to avoid probate....
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Assets in a living trust are not considered part of your estate at your death, meaning they can often be distributed without the complications and hassle of going through the probate process.
This avoids probate. Joint Ownership: If you own the account jointly with right of survivorship, the surviving owner gains control without probate. Trust: Placing the account in a trust can bypass probate. The trust holds the account, and the trustee handles distribution. (If you manage the ...
Tell you how to avoid probate without an expensive living trust by using deeds to transfer real estate at your death. As you’ll see,probate is a pay-now-or-pay-later scenario.You can decide whether you want to take a few steps to avoid probate now, or leave it up to your loved on...
You can place high-value assets into the trust, and they’ll transfer to your heirs without getting tied up in probate. 3. Add a joint owner to your assets Another way to avoid probate is to hold an asset with someone else. Under certain styles of joint ownership, the asset can ...
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Flexibility. To minimize your estate taxes you can use Trusts, depending on your request. It is better because the execution of trust is less formal than a will it can easily change accordingly. Avoiding the probate process may be attractive to some people, many consider and make it an optio...
John S. Levy Attorney-At-Law provides a way for clients to avoid probate by using a revocable trust.If you have bank accounts, stocks, mutual funds, bonds, real estate, etc., and you die and have no living spouse, your heirs will be headed for expensive