How do you avoid probate costs for assets listed on a will?

The truth is this is hard. There are costs no matter how you look at it - if you do estate planning you can usually avoid a lot of expenses.  If you're anything like me, you've probably considered the cost of probate to be high, and it's not something that anyone wants to think about when they're planning their estate. But how do you avoid probate costs for assets listed on your will? The easiest way is to list assets not on your will in an alternate document—like a living trust. A living trust is a legal document that splits assets between the people who are going to inherit them, rather than the assets going through probate. It's especially useful for assets that have been given to children with guardianship over them while they're minors since those will pass directly to them when they turn 18 or 21 and aren't eligible for probate anyway. For example, if you give a house to your children as part of their inheritance, but have them live in it until they are adults with jobs and finances of their own, it makes sense to put the ownership of it into a living trust so that they can move right in as soon as they get it without having to wait for it to go through probate.

 


Probate costs can be avoided altogether by using an asset protection trust, which allows the creator of the trust to maintain control over his or her assets after death as if they were still alive.

Parklin Law LLC

5772 West 8030 South, Unit N206

West Jordan, UT 84081

(801) 618-0699

https://parklinlaw.com/assets-to-undergo-through-probate/ 

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