A Death Plan Avoids Probate
Probate is a legal proceeding that folks go through for their deceased loved ones. Whether a person’s estate will be in probate depends on the state laws in which they lived. If there are assets, such as a bank account, “in your name” when you die then there may be a probate upon your death. (“In Your Name” means that you are the sole owner or you own it as tenants-in-common with another.) If there is real estate in your name upon your death then there will be a probate in each state in which you owned that real estate in addition to the probate in the state in which you lived.
The state laws that trigger a probate vary from state to state. In California, if you die with approximately $100,000 or more of assets in your name then a probate is triggered. For Idaho that number is approximately $75,000.
For Nevada some type of probate is triggered if you have over $20,000 in your name (or any real estate) at the time of your death. Most folks want to avoid probate for three reasons:
(1) Probate is expensive;
(2) Probate is time consuming; and
(3) Probate is public in nature.
Probate is Expensive
Depending on the state in which you die, there are generally three fees in probate:
(1) Attorney Fees;
(2) Court Fees; and
(3) Executor Fees
**A Death Plan solves this because the attorney fees for settling the estate are small and sometimes zero. If you have a loved-one serving as the successor trustee, often there are no trustee fees. If the assets are properly funded into the trust, as they should be, there are no probate fees.
Probate is Time Consuming
The general rule is that probate can take many months and sometimes years to complete. While your family is waiting for the assets, they may be experiencing financial hardship in addition to the emotional strain from your death.
**A Death Plan solves this problem and greatly reduces the time it takes for the assets to get to your family. Funds can be immediately accessed to pay for expenses that may linger beyond your death so that none of these expenses become a burden to your family. If those provisions are written by a professional attorney whose practice is focused on estate planning then there should be no issues delaying the distributions.
Probate is Public in Nature
All of your financial information and family information becomes a public record once you are in probate. With little effort, anyone can get the information and use it against your family. Most counties now have internet access to the court filings making this information available to anyone. We don’t know about you, but we’re not excited to see financial predators find out what our family receives once we die.
**A Death Plan solves this because all the information in the trust is private and not available to the public.
Living Trust Protection Levels
Life Plan ``A``
Life Plan ``B``
Life Plan ``C``
Talk to Gary About How to Avoid Probate
Gary loves to talk about probate avoidance strategies. Schedule a time to have him evaluate your family's situation now!