4 Ways Your Kids Can Keep the Cash
…not the Court
Did you know that 69% of Americans do not have a property in a trust? Did you know that even if you have a will but your property is not in a trust that it will still end up in probate court? Did you know that even if you only have one child who will inherit your property, they will still need to go through probate if you only have a will? You won’t care what I know until you know I care.
As a certified probate real estate specialist, I can help you understand a few simple points that will avoid many complications later. Let’s first understand what is “probate“.
Probate is the process of distributing assets in your estate upon death if you do not have a trust. If you own property, not in a trust, it will go through probate.
Imagine your loved ones grieving your loss and having to deal with the legal system and spending money to settle your estate because you did not have your property in a trust. They will need to hire an attorney, file petitions in court, and wait for confirmation and hearings.
So, what can you do to avoid all of this? You need to PLAN.
Here are 4 ways to get started even if you already have a trust.
P – Prepare by making sure you have all of your assets in a trust. You may have taken your house out of a trust in order to refinance or recently purchased an investment property. Make sure to put them in the trust. Some assets don’t require a trust such as bank accounts and insurance policies. This is because they include a “pay on death or POD beneficiary” that you designated.
L – Loved ones are so important and families do change over time with newborns or blended families where there are more children (aka Brady Bunch). Maybe you recently divorced or the loss of a loved one. Make sure your trust and will reflect these changes.
A – Action is needed. Be smart and talk with your family and your family attorney or paralegal. Even if you already have a trust, it’s a good idea to review it often.
N – Notify your family and let them know or give them a copy of your trust and will.
All of the above plus having a good PLAN are 4 ways to save money.
Selling a property that has to go through probate is more complicated than a standard sale. I can help because I have experience going to court with attorneys for sales requiring confirmation, speak the language used by the courts and attorneys, know the timelines, and notice requirements throughout the transaction.
Let’s take a poll: Email me at Gayle@GayleBarnes.com and put “Yes I Have a Trust” or “No I Do Not Have a Trust” in the subject line. In either case, I am happy to give you more insight so you can make informed decisions.
Gayle Barnes, BRE 01967740, Broker, Realtor, Certified Probate Real Estate Specialist (CPRES), SRES, ePro,