Tag Archives: probate

Understanding The Benefits Of A Revocable Living Trust

Of the instruments available to avoid probate, the < revocable living trust is perhaps the best and most flexible option available. You may wonder what about a trust makes it special? The answer is very simple. A normal will substitute is a single account, and doesn’t have the flexibility of a trust. A single account like a life insurance policy or a 401k is like a box; it can only contain the assets within its interior walls. A trust is more like an umbrella that can extend to cover all of the boxes you can possibly collect.  A trust can cover all of the...

When Does An Estate Require Probate? Navigating Difficult Concepts in Difficult Times

One of the first obstacles which must be tackled in determining when an estate needs to be probated, is understanding the basic terminology associated with estate planning. Probate is simply the system of supervision provided by the court for distributing the decedent’s property at death.  Paramount in understanding the functions of probate, is understanding that each state has its own probate laws.  Some states follow the Uniform Probate Code (UPC), and some follow derivatives of common law.  The information shared here is not intended to substitute actual research of your state’s laws concerning probate, but is instead intended to give a general…