Avoiding Probate

Here is something that might be in the back of your mind, what happens to the house when mom and dad pass? I heard something about this thing called probate, what is it, and how do we avoid it?

Probate is a process that happens when loved ones pass on without a Trust in place. You may be asking yourself if there is a will in place. With or without a will in place, the heirs will still need to go through a probate process that involves the court system, and typically lawyers. If there is no will in place, the courts will appoint an administrator of the estate. If there is a will in place, there will most likely be an executor of the estate named within the will. The court will decide whether the administrator or executor has limited authority or full authority. I'll speak more about these terms in my next video. A surefire way to avoid all of this is if your loved ones form a trust for the property and the assets of the estate. This must be done before passing and with a sound mind. Within the trust, there will be a named successor trustee. This successor trustee will have full authority over the estate and will not need to proceed to the courts for approval on what to do with the estate after the loved ones have passed. I would highly recommend talking to an estate planning attorney, to avoid any costly processes later on. A little upfront planning and costs can save you both heartache and money, allowing you to celebrate the lives of your loved ones.  

I hope this has been helpful to you, should you need any recommendations for estate planners, please feel free to reach out to my team and I at 858-336-1114. You can also reach us at [email protected].