Avoiding Probate (pensions, single, raise, deceased)
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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.
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
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.
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.
. 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. .
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.
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
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