I just filed a probate for a client who came to me with a Will. They were sure they had done everything right, and were shocked when I told them we had to go to court.
My client and their best friend were smart and successful. They used an online service and assumed the Will would take care of everything. But unfortunately, Wills do not avoid probate. The decedent owned a house and several investment accounts. The estate was well over the small estate limit. If an asset is in your name when you die, there’s a good chance probate will be required to pass it on to your heirs.
The good news? Their best friend did have a Will, and that meant their wishes were clearly stated. Their church, their best friend, and the animal rescue where they volunteered will all receive part of the inheritance. The Will ensured that happened.
A Will is a powerful document, and even though probate was required, having a Will still made a big difference.
The most common question I’m asked is:
“Do I need a Will or a Trust?”
If you own a home or have more than $280,000 in savings, you likely need a Living Trust.
Living Trusts were created specifically to avoid probate. A Trust creates a legal entity that holds your assets and can be managed by you while you’re alive—and by someone else if you pass away or become incapacitated.
I like to describe it this way: a Trust works like a wagon. You can put your assets inside, and someone else can pull that wagon if needed. The Trust contains instructions about what to do with everything inside. If your assets are titled in the name of the Trust, probate isn’t necessary.
If you want to make sure your affairs are properly planned and your loved ones are protected, give me a call. I can help.
