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Old Yesterday, 03:28 PM
 
Location: Columbia SC
9,205 posts, read 7,955,506 times
Reputation: 12671

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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
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Old Yesterday, 03:37 PM
 
73,098 posts, read 72,913,868 times
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The lawyer will guide you ...state laws vs your wishes make any advice highly individualized..there are trusts that can be used but let them guide you

Last edited by mathjak107; Yesterday at 04:13 PM..
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Old Yesterday, 04:11 PM
 
Location: USA
226 posts, read 31,414 times
Reputation: 221
Yea probate is long. My Mom had a will and going through probate now with my Mom's estate (it was required). Your lawyer should have some good ideas. Some things like with investments you might be able to do transfer on death. A friend of mine has put hers into a trust for her daughters. But I guess it all depends on where you live and the laws in your state.
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Old Yesterday, 04:42 PM
 
Location: The Triad (NC)
28,893 posts, read 63,007,192 times
Reputation: 32946
Quote:
Originally Posted by johngolf View Post
Please explain, in layman's terms, how to go about this.
Separate or divide (the value of) your various assets as you see fit.
Add a "transfer on death" designation to each entity.


https://www.investopedia.com/terms/t...ferondeath.asp
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Old Yesterday, 04:44 PM
 
396 posts, read 107,962 times
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How old is your son?
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Old Yesterday, 04:51 PM
 
4,076 posts, read 1,622,345 times
Reputation: 8054
well, in SC, we do not know.
we did ours in NC.
or advice: pay your lawyer now
so your heirs will not have to.
for us, a trust was the best option.
my wife's parents had one.
when the time came, it was
sign one time and done.
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Old Yesterday, 04:54 PM
 
Location: on the wind
7,671 posts, read 3,213,663 times
Reputation: 26033
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
As mentioned, look in to assigning beneficiaries to the investments/bank accounts or arrange Transfer On Death instruments for them. Different institutions, different assets = different options. Real estate may require probate depending on the state. A trust may or may not be worth the legal expense to create or administer for the future. If you want the car to go to a specific person state so in your will. If you just lump it in with "other personal property" it can be a minor headache to deal with.

Last edited by Parnassia; Yesterday at 05:06 PM..
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Old Yesterday, 05:02 PM
 
Location: Rust'n in Tustin
2,421 posts, read 2,505,782 times
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Our lawyer advised is to get a trust to avoid probate. Ask you lawyer if that will work for you.

For any accounts with a beneficiary, we just listed the people we wanted first, and our trust as secondary.

YMMV
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Old Yesterday, 05:27 PM
 
Location: Rust'n in Tustin
2,421 posts, read 2,505,782 times
Reputation: 4599
In California I think the probate limit is $150,000. The average house in Orange County is probably $750,000.

If you die without the right paperwork, you're estate is almost certainly going thru probate.
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Old Yesterday, 07:13 PM
 
Location: northern New England
2,584 posts, read 1,145,700 times
Reputation: 10070
When my DH passed I did not open probate. All assets had named beneficiaries (me). If we had still had real estate at the time, it would have been Joint Tenants with Rights of Survivorship.


When I go, same thing. Except the beneficiaries will be charities. Nothing for the stepkids to fight over.
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