Posted on 02/10/2009 3:17:30 AM PST by CGASMIA68
I have always heard a trust settles quicker than probate estate. Any "constructive" thoughts on time lines?
From what I understand, living trusts bypass probate. My grandmother’s estate has been probated for 9 months now with still no end in sight - and she didn’t have much.
Contact a good trust/will lawyer to walk you through the steps.
Living trust is quicker because there is no probate court to go through. You deal with a trustee usually and they can speed up the process.
A trust has a life & timeline.
my brillant opinion
Depends upon the size and complexity of the estate, and the number of heirs. If it’s relatively straightforward, a trust may not be necessary or helpful.
My mother is now the attorney trying to fix this. He doesn't even send her the amount of her social security check.
So if there is more than one or two heirs I would say stick with probate.
I’m not sure about your question, but my Mother’s estate in is probate right now and has been for 10 months. The probate period is necessary to cover all outstanding debts. When the probate is completed, my brother will be set up with a trust and I will receive some cash.
“So if there is more than one or two heirs I would say stick with probate.”
If you think the beneficiaries will not be amicable about the bequests, it’s best to have probate court have jurisdiction to settle potential disputes.
Some accounts, like IRAs, allow you to directly name a beneficiary and it becomes POD (payable on death). You can have some things like personal property go through probate via a will, and other assets bypass probate.
A good estate planner will be creative without being too complicated.
A significant advantage of a trust, other than avoiding/minimizing probate, is that it is (or can be drafted to be) much more difficult to contest than a will in a probate proceeding.
Another significant advantage of trusts for largish estates is their use in minimizing estate taxes by fully utilizing each spouse's unified gift/estate tax credit in the face of the unlimited marital deduction.
See a competent trust and estates lawyer. This is not an area to trust to Nolo or legalzoom.
If there is real property (a house), a trust is usually the best way to go. Of course, the trust must be funded, i.e., the assets placed in the trust (which is just a matter of changing the title to the assets). With a trust, the day the person dies, or at least as soon as a death certificate is available, the trustee can list the house for sale and clear out the bank accounts. So, timeline-wise, it’s pretty quick.
Of course, some trusts are more complicated than others but a properly drafted simple trust with simple assets placed into the trust is unbelievably simple to administer and quick to wrap up.
Disclaimer: I am not a lawyer but I’ve seen several trusts wrapped up in no time with the beneficiaries receiving some or most their inheritances in weeks (not years as can happen if they need to be probated).
Thanks all
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