John's father passed away a few years ago. His mother had a will leaving the family home to John. When John's mother passed away, John was shocked to find out he would have to go through a probate court to have the house transferred to him. The probate took over a year, involved many court dates and cost thousands of dollars. Also, John learned the hard way that probate is public. His family members could go on-line and look at the types of finances his mother had, who was getting her property and the dollar amount.
If John's mother completed a Living Trust and transferred her home into her Living Trust, probate would have been avoided and the transfer of the family home to John would have been quick, inexpensive along with private.
Probate involves filing numerous legal documents with the probate court including formal appraisal of all assets, formal inventory of all assets, full accounting of all money, final transfer documents of all property and formal termination of the executor or administrator by the probate court. Each required filed document and legal step has specific laws governing the format and information needed. It is a very formal process. The Probate Judge must approve every step and all legal paper work.
Many people think that having a will avoids probate. This is not true and probably the single, biggest misconception about avoiding probate. A will only helps the Probate Judge determine who gets the property. Many assume they can avoid probate if the family is not fighting. This is also not true. The probate court requires the same paperwork and steps even if the family is in agreement and not fighting.
Many think that lower valued properties require less steps, legal paper work and time to probate. This again is not true. A million dollar home and a one hundred thousand dollar home have the same headaches, requirements, and take the same amount of time for probate.
The Living Trust is one of the most popular weapons utilized to prevent probate. However, in addition to possessing your Living Trust, the critical steps of changing beneficiaries and transferring properties into the trust are essential to accomplish your goal of preventing probate. An experienced planning attorney can advise and assist you with this design and transfer process. The team at Rowley Law will analyze your assets and ask questions about your goals and concerns. We will design appropriate, state of the art legal documents such as a Living Trust to prevent probate.
Today, you don't have to suffer the time, expense, and lack of privacy of this legal proceeding. Enjoy peace of mind from worries of probate with expert help from your team at Rowley Law.
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