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What is Probate?
Probate is the process by which the court system oversees the payment of your debts and the distribution of your assets. This is usually a long and complex process.
How much does Probate cost?
The average probated estate will incur probate costs of 4-8 percent of the estate's value. The Executor and the probate attorney have fees set by statute. Court costs and filing fees are several hundred dollars. Additionally, the Executor and probate attorney may ask for additional fees for tasks related to the distribution of the estate.
How long does Probate last?
It is becoming common for probate to last 1-2 years. During this time, assets are frozen and beneficiaries must ask approval for necessary living expenses.
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Living Trusts avoid Probate.
A living trust is merely a way to hold your property. However, it keeps your estate out of probate and allows your beneficiaries to get their rightful inheritance quickly and cost effectively.
You will maintain every right and privilege over your property as you had before the trust. You may put property into your trust or take it out of your trust at anytime.
Who are the parties to a trust?
1.
The creator of the trust is the settler.
2. The person
who manages the property in the trust is the trustee.
3. The beneficiary
is the person for whom the trust was created. (The secondary beneficiary
is who gets your assets at your death.) In most cases, you may be all
three.
Can I amend or revoke my Trust?
You may, at any time, amend your trust (change the beneficiaries, etc.) or outright revoke it.
When I die will people be able to find out how I divided my estate?
No. A trust is a private document and is not made public at your death. A will becomes a public document that allows the world to know what your estate is and how it was divided.
What happens if I become mentally incapacitated?
Your chosen back-up Trustee, or if you are married, your Co-Trustee, automatically steps in and is legally able to manage your estate. If you have no trust, then a conservator must be appointed for you. This is a legal process and thus may be expensive, time consuming and stressful.
