| A follow-up question to my last LISTEN TO LAWRENCE LETTER regarding Avoiding Probate:
READER QUESTION:
What is the recommendation to circumvent this?
MY RESPONSE:
“THIS” is all about simple ways to avoid probate that may cause more problems in certain families.
I mentioned in my last LETTER that having all your assets joint or with a named beneficiary may avoid probate, but it doesn’t put anyone in charge of your estate. Sometimes it makes sense to keep the money together to pay your final bills (funeral, credit cards, etc.) or sell the real estate. In such cases, you should either not worry about probate and just probate the will and have the executor take care of everything, or, if you still want to avoid probate, set up a REVOCABLE TRUST with a trustee fully in charge.
Either way, after all the bills are paid and the assets (like the house) are liquidated, then the executor/trustee can distribute the money.
Sometimes, too many cooks spoil the pot!
I hope this helps. |
