Posts Tagged ‘probate’

Article 114-Estate Planning Series: What Will Your Estate Plan Accomplish For Your Family?

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts

For those who attend my presentations, I offer a free, no obligation estate planning audit.  There are two reasons for the audit.  First, we discuss what is accomplished with their current estate plan.  Second, we discuss whether that plan addresses the issues of concern to them. 

Often these individuals have a trust (not always created by an attorney), but have no idea why.  Perhaps they were told a trust would help them avoid going through “probate”, but they aren’t sure what they are avoiding.

Article 105-Estate Planning Series: Why You Need A Trust

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

There are many situations in which a trust is very effective.   For example, property in a trust need not go through the cost and process of probate when you pass.

Probate is the process which permits property (such as land) owned by a deceased person to be passed on to a beneficiary.  But probate in Idaho can’t address a condo or cabin located in another state.  Those who own a home here, and a second home in Arizona, may want to put both properties into a trust and avoid paying two attorneys in two different states for probate.

Article 87-Estate Planning Series: This Is What a Trust Can Do For You

Written by Wright Law on . Posted in Estate Planning, Trusts, Will

Last column I explained the basic difference between a Will and a trust.  In essence, a Will simply identifies who you want to receive your  assets at your passing.  However, a trust allows much more control over how your assets will be used to address circumstances specific to your family.   More on this to come.

There are many other situations in which a trust is very effective.   For example, those who wish to avoid “probate” can use a trust to hold their assets.  This is especially effective if you own land in more than one state.  A trust can help you avoid paying for probate in two different states.

Article 53-Estate Planning Series: When is a Trust Better Than a Will to Distribute Your Assets?

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts, Will

Last column I explained why the process of transferring assets should never be more important than ensuring those assets end up with the people you want to receive them.  So long as this priority is protected, there can be significant advantages to plan for the right way to transfer those assets.

Article 52-Estate Planning Series: Don’t Let Probate Distract You from the Answer to This Critical Question

Written by Wright Law on . Posted in Estate Planning, Probate, Will

For those who consider probate (or avoiding probate) to be a significant issue, it is important to remember that probate is only a process to transfer assets.  Regardless of whether probate is necessary or appropriate, the process should never become more important than the result.  Specifically, the process of transferring assets should never jeopardize the answer to the following question: “Will my assets end up with the people I want to receive them?”  

Article 51-Estate Planning Series: “Shortcuts” to Avoid Probate That Cost More Than Money

Written by Wright Law on . Posted in Estate Planning, Probate

Perhaps because they do not understand the consequences, I have seen many people take “shortcuts” to avoid probate.  Last column, I gave the example of parents who transfer their home to a child so that the home could be sold, after the parents pass, without going through probate.  That shortcut resulted in a much greater cost to the family than if they had simply utilized the probate process.

However, financial cost is not the only risk when shortcuts are used.  Unanticipated consequences from giving up control is an equally significant concern to me.  In my prior example, the loss of control occurred when the parents put the house in the name of someone else.

Article 50- Estate Planning Series: Why “Shortcuts” to Avoid the Cost of Probate Can Actually Cost You More

Written by Wright Law on . Posted in Estate Planning, Probate

As I have discussed in the last few columns, many people have been told they should avoid probate.  Uniformly, the reason given is the fear of what probate will cost. 

There may be good reasons to transfer assets to your loved ones in a way other than probate (something I will discuss in a future column).  However, it is critical to do so in the proper way.  The shortcuts I often see are risky and, ironically, sometimes more costly.

Article 49-Estate Planning Series: What You Are Not Told About the Cost of Probate.

Written by Wright Law on . Posted in Estate Planning, Probate, Trusts

In recent columns, I have tried to take some of the mystery out of the “probate” process.  In my last column, I explained why probate may be important even though it is not a process required by law. 

I also stated that I would explain why some methods to avoid probate are extremely risky.  To do that, I need to first address the motivation to avoid probate. 

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