U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-01-2019, 11:05 AM
 
Location: Florida
4,482 posts, read 3,820,117 times
Reputation: 4313

Advertisements

Quote:
Originally Posted by ysr_racer View Post
Oh my Christ, there is so much wrong with this post it's making my head spin.

Eight months is "no big deal"? Are you nuts? Most estates can avoid probate with a trust. It's just that simple. Put your home in a trust, put everything else in a pour over will.

Am I speaking Chinese?
I agree that assets placed in a trust can avoid probate. What do you do with clothing, furniture, lawsuits etc? It seems to me that you can not get all of your assets into a trust so it is likely that you will have some type of probate. For one notice to creditors and paying utility bills etc.
Reply With Quote Quick reply to this message

 
Old 09-01-2019, 11:08 AM
 
73,151 posts, read 72,969,675 times
Reputation: 50752
Quote:
Originally Posted by rjm1cc View Post
I agree that assets placed in a trust can avoid probate. What do you do with clothing, furniture, lawsuits etc? It seems to me that you can not get all of your assets into a trust so it is likely that you will have some type of probate. For one notice to creditors and paying utility bills etc.
Personal effects of ours will go to who ever wanted them ...we made a list of what our kids wanted and those items will go to them , they will just have to take them ..they certainly will not be something we would probate
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 11:31 AM
 
1,868 posts, read 832,450 times
Reputation: 3428
Quote:
Originally Posted by johngolf View Post
In SC, probate takes over a year and generally you need a lawyer to handle it. My estate is not complex. I wish the lions share (including any property I own such as my house, car, etc.) to go to my son. He will also get the lion's share of the rest (investments, cash, etc.) with a small piece of this going to a niece.

I believe there are ways to avoid probate. I will soon be visiting my lawyer to discuss this but I wanted a head start so I can be familiar with the procedure. I presently have a will but I will be eliminating one person.

Please explain, in layman's terms, how to go about this.

Thanks
There are several ways

1. A trust.


2. Joint tenancy, this has it's own issues most importantly having to pay a gift tax and your son losing the step up value when he inherits the property. There are other issues as well.

3. Payable on death can be done for bank accounts and this money avoids probate

4. Transfer on death for stocks and bonds but NOT real estate property or vehicles

5. If value of estate is less than $25K you can do a simplified probate

Your best option is the trust perhaps combined with a Payable on death for your niece if it is a set amount of money you wish to give her. If it is a percentage then keep it all to a trust.
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 11:34 AM
 
232 posts, read 98,928 times
Reputation: 429
Quote:
Originally Posted by ysr_racer View Post
Oh my Christ, there is so much wrong with this post it's making my head spin.

Eight months is "no big deal"? Are you nuts? Most estates can avoid probate with a trust. It's just that simple. Put your home in a trust, put everything else in a pour over will.

Am I speaking Chinese?
Well, in my uncle's case, probate has involved me going to the probate court twice, for about a half hour each time. Then I sent in a two-page inventory document. To close the estate, I guess there will be another form I'll have to mail in, and that will be it. Not exactly a nightmarish bureaucratic process.
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 12:04 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
Reputation: 4609
Quote:
Originally Posted by NewbieHere View Post
. Frankly it makes me cringe.
So does some of these people's estate plans
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 12:06 PM
 
Location: Rust'n in Tustin
2,429 posts, read 2,511,531 times
Reputation: 4609
Quote:
Originally Posted by rjm1cc View Post
. What do you do with clothing, furniture, lawsuits etc? It seems to me that you can not get all of your assets into a trust so it is likely that you will have some type of probate. .
Umm, pour over will ??

Probate? Likely? Glad you're not my attorney.
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 12:08 PM
 
Location: Prepperland
13,879 posts, read 9,968,005 times
Reputation: 10049
Don't you just miss the days of the common law, private property with curtesy and dower and no greedy lawyers to take a cut via probate.
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 01:04 PM
 
Location: Florida
4,482 posts, read 3,820,117 times
Reputation: 4313
Quote:
Originally Posted by ysr_racer View Post
Umm, pour over will ??

Probate? Likely? Glad you're not my attorney.
Yes a pour over provision in the will can move what ever is in your estate to the trust AFTER your death. But doesn't the will still have to be probated if the estate's size does not meet the exemption status?

My point is not ever assets will be in the trust BEFORE you die so it is possible that you still have to go through probate for the non trust and non TOD or POD or joint assets.
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 01:50 PM
 
Location: Sierra Nevada Land, CA
8,515 posts, read 9,281,842 times
Reputation: 13398
Quote:
Originally Posted by NewbieHere View Post
I go easy on calling God or Christ that often. Iím not even that religious but I think itís unnecessary. Frankly it makes me cringe.
I appreciate what you said.
I am religious. #4 of the 10 says donít take the Lords name in vain. Save it important situations
Reply With Quote Quick reply to this message
 
Old 09-01-2019, 01:54 PM
 
147 posts, read 51,526 times
Reputation: 531
Quote:
Originally Posted by cdelena View Post
In some states like Texas only the smallest estates (<50K) can avoid probate... and most counties require a Bar approves attorney to file probate.
Are you saying that if someone had $500K in a brokerage account that had POD/TOD beneficiary and no other assets that probate is still required in Texas?

Last edited by Rastafellow; 09-01-2019 at 02:00 PM.. Reason: change wording
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top