When it comes to passing on one’s estate, going through probate is a typical option that you may fall into as a beneficiary (it’s not your fault!). You can either put everything you own in a trust, or it will have to go through probate in order to properly pass on to the next owner. A probate is used to transfer title from your parents or any person to a next-of-kin, an heir, or somebody else. The assets have to go through probate unless they are in a trust. Though this is a common route many people take, there is.

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Let’s talk about whether a trust overrides a will. Before I answer that question, you got to understand what trust and a will is.  A trust is basically a probate avoidance device where you avoid the courts and do this in a much faster and cheaper way once you pass away for your heirs. A will allows you to go to court and literally is an allowance because it’s a ticket to court.  You must go to court if you only have a will. Or if you have a trust and everything is not in the trust then you’ll still.

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We’re going to talk about whether you need a trust if you own a home, right? So, you own one piece of property. Let’s just say, you own one home, and that’s where you live. And you have a modest account in the bank, and you have to ask yourself, do you need a trust?  These living trusts, you’ve heard about them. Is it necessary for you? If the house is here in California, the answer is absolutely. There are rarely any houses out here in California that are less than $150,000, and therefore, it will go through probate if.

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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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