Writing a will

Aries said:

I'm pretty sure my attorney said a will still goes through probate. It may be different if there is a living spouse, as my understanding has always been that the spouse automatically inherits everything. I don't specifically remember hearing him say that, but he did say a will still goes through probate, but still it's better to have than to not. It is much harder to contest a valid will than if none exists, or if it is unclear, so that's why I say probate is probably much quicker and less complicated with a will.

I assume this is to allow time for anyone to contest the will, but ultimately a judge declares it a valid will.

As I understand it (and I may not) a trust is its own legal entity, so everything that belongs to my trust, technically, is not owned by me personally, it is owned by the trust. As the administrator, I have complete control over how it is used, sold, etc. but it belongs to the trust, not to me. When I die, it therefore will not change hands, it will still be owned by the trust, and will be under the control of whoever the next administrator is. So whichever between me and my wife survives longest controls the trust, once the second of us passes everything STILL belongs to the trust, but the next administrator will settle everything and distribute the estate to our heirs, as directed in our will (so we have a will also, but I'm not entirely certain how that works, if it is PART of the trust, or technically how that is described). I also remember him saying that some things would still go to probate, for example if we did not transfer our cars into the trust they would be probated, but if we put them in the name of the trust, they belong to the trust and not subject to probate.

This was all a year or two ago, so I stand subject to be corrected, but that's what I remember him saying.

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CHenry said:

I did some research and found thi interesting explanation. This one section answered a lot of questions and we are all wrong here.

Is Probate Always Required?
It is important to know whether a probate is required following the death of an individual. The probate process can take a long time to finalize. The more complex or contested the estate is, the more time it will take to settle and distribute the assets. The longer the duration, the higher the cost. Probating an estate without a will is typically costlier than probating one with a valid will. However, the time and cost required of each are still high. Also, since the proceedings of a probate court are publicly recorded, avoiding probate would ensure that all settlements are done privately.


Different states have different laws concerning probate and whether probate is required after the death of a testator. Probate is not required if the value of the decedent’s estate falls below a certain amount; an amount that varies from state to state. For example, probate laws in Texas hold that if the value of the estate is less than $50,000, then probate may be skipped. If an estate is small enough to bypass the probate process, then the estate’s asset may be claimed using an affidavit signed under oath by a beneficiary.


Some assets can bypass probate, meaning that probate is not required for the transfer of these assets to beneficiaries. Pension plans, life insurance proceeds, 401k plans, health or medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly owned with a right of survivorship and property held in a trust are likely to bypass the probate process.


Because of the costs of court involvement in the probate process and the potential for involvement of lawyers who collect fees from the estate of the deceased, many people try to minimize costs associated with the probate process. There are tremendous legal and tax complexities in the probate process, so it is advisable to have a will and speak with a lawyer and financial professional to ensure that your loved ones are not left with the complicated and often messy task of distributing the assets of your estate upon your passing.

Read the entire thing here
https://www.investopedia.com/terms/p/probate.asp

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John6185 said:

You can write up your own will but it has to have witnesses and be notarized if I'm not mistaken. A simple will can easily be overturned in court so be careful.

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John6185 said:

You can write up your own will but it has to have witnesses and be notarized if I'm not mistaken. A simple will can easily be overturned in court so be careful.

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