We’re talking about whether only rich people need trusts. This is a common conception, it’s a misconception out there that rich people are the only people that need trusts, and it’s absolutely incorrect.  The people that need trusts are anybody that have in the aggregate, so total amount of assets, over $150,000. If you have over $150,000, you will go through a process called probate and in order to avoid probate, you must do a trust.  You must sit there and draft a trust and then transfer the assets into the trust. That is the only way, not the only.

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Let’s talk about how long does a probate take. If I file a probate in court today, how long until I could see any of the money as a beneficiary of the will, or just as an heir of that person.  Well, first off, we should talk about what a probate is. A probate is in order to transfer title from your parents or a person to a next-of-kin, or an heir, or somebody else, it has to go through probate unless it’s in a trust.  So if it’s in a trust, you don’t have to worry about it, but.

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The court may appoint a Conservator over an individual when they become mentally incapacitated or unable to perform activities of daily living (“ADLs”).  In addition, your assets will have to go through the court system again (Probate) if you do not have a proper living trust.  The costs for both of these Court proceedings are astronomical.  Here is a very typical, not so expensive example of someone who hasn’t properly planned their estate to avoid both a Conservatorship and Probate.  Want to avoid losing huge amounts of your estate money in probate and conservatorship fees? Sign up for a strategy.

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