Wills often have to go through the probate process, which can be long and costly. One way to avoid this is to set up a trust. Keep in mind, though, that trusts often don't include all of your assets, especially if you acquire things after it is set up. You can set up directives ...
real property such as a home, could also be in the trust. And a pour-over will is common, where other assets not held in trust during life are to go into trust at death. As the executor of your parent’s estate, you may also be the successor...
Having a will does NOT avoid probate. However, having a will does not guarantee that you go through probate either. Probate is only for the items that are “stuck” in your name at the time of your death, such as a home or bank account that is only in your name. Therefore, if your...
Revocable living trusts.In a sense, these estate vehicles allow people to do much of their probate while alive. The grantor—the person who establishes the trust—funds it while they’re alive with up to 100% of their assets and designating beneficiaries. A “pour-over will” may be used ...
How long do I have to contest a will? The length of time you have to contest a will depends on the statute of limitations in your state. For instance, in Illinois, individuals who want to challenge a will must contest the will within six months after it has been admitted to probate, ...
Putting your assets into a trust prevents this information from going public during probate. A trust can also transfer ownership of a house faster than if the house were to move through probate. If you are debating whether transferring your home or other properties into a trust is the right ...
For example, if a parent owned a home that you wish to inherit, you may want to pay old (and new) bills for things such as electric, gas, lawn maintenance, and similar items, to avoid an interruption in service. Because it may take some time before the probate estate is operating ...
All states have some process in which you can either skip probate entirely or go through a small-estate probate process that removes almost all the legal requirements associated with traditional probate. There’s a specific value limit to qualify for a small-estate probate process. The amount var...
But here's the thing, the consequences of not doing any planning will fall on your surviving family members. If you don't have a plan, your family can end up having to deal with a long, expensive probate and all kinds of other legal issues all while they're mourning your...
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