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An individual who passes away with only a Will as his/her Estate Planning document, typically requires probate to transfer assets to family members. A Will is not a probate avoidance technique.
Proper Estate Planning avoids the Probate process entirely.
A Revocable Living Trust avoids the Probate process as well as the time delay and cost associated with Probate.Clients mistakenly believe that a Trust is only for estates worth millions of dollars.
This misconception could not be farther from the truth.Simply owning a home can allow a client to take advantage of the benefits of a Revocable Living Trust.
Consider the following example:
Widow "A" passes away having prepared only a will. She owed a home worth $300,000. Her children will incur approximately $5, 000 -$10,000 in legal fees to probate the residence and have the court appoint her Executor.
The KEY is control!
A Revocable Trust could have been prepared to avoid Probate and allow the Family to sell or transfer the residence without court approval. With a Will, the Probate Court controls the pace of administration. The Family retains control with a Trust.
Probate Court controls the pace of administration with a Will ONLY. The Family retains control with a Trust.
*The examples and explanations provided in the slide show and on this website are for informational use only. Seek professional advise for your own situation.