Estate Planning & Fixed Annuity Forum.
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Reply with quote  #1 

You're Alive


You're Dead

Your Assets - The Home, Stocks, Bonds, Mutual Funds, Savings Accounts, Checking Account, Bank CDs, Cabin in the Georgia Mountains, Time share in Virginia Beach, Old checking account from up North, etc...

When you're alive and you own assets in your own individual name you own those assets as a "Natural Person Legal Entity."

Once you die, "The Estate of Your Name" owns the assets and now those assets HAVE to take an expensive and complicated trip through the Probate Court System WITH or WITHOUT a Will.

There are simple methods to avoid the Probate Court System but those methods must be implemented BEFORE the crisis occurs.

Most people have fragmented estate plans, some assets avoid probate court while others unwittingly get tied up in, "The System."

Oh, you think you'll avoid the Probate Court System because you own everything jointly with your spouse? No silly, one spouse will absolutely predecease the other and once both spouses are dead, WELCOME, to the Probate Court System.

Further, once you die with assets in your own individual name there is no way out except the Probate Court System.

Probate Practice Attorneys will tell you Probate Court isn't any BIG deal, gee whiz, why would a court proceeding or litigation be a BIG deal for an attorney? They also tell you this while you're ALIVE and never quite get around to mentioning their fees to probate your Estate once you're DEAD.

It's the NEEDLESS expense that's the BIG deal.

A Revocable Trust avoids the Probate Court System and provides for administration of your affairs/assets should you become incapacitated and is the ideal vehicle for holding titled assets and real estate outside your home state.

Now go take on the day.
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