What is Probate?

Probate is the court facilitated legal process that takes place if you don’t have a defensible living trust in place at time of death. This process can take anywhere from 9 to 18 months and cost you up to 10% of the total value of your estate in court fees and attorney costs. 

The process determines:

  1. Who your heirs/ beneficiaries are
  2. What assets you have 
  3. How much your assets are worth
  4. Who will handle your financial responsibilities (selling your property, transferring your estate, and honoring your financial obligations)

It is estimated that ~3 billion dollars is lost by Americans in probate fees every single year, and a majority of that goes to attorney fees. The good news is that creating a living trust can help you avoid this. Living trusts detail specific instructions for your estate which get carried out by a designated successor trustee. This allows your estate to be transferred without court intervention.

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