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Consider the following example:
Widow "A" passes away having prepared only a will. She owed a home worth $300,000. Her children will incur approximately $5, 000 -$10,000 in legal fees to probate the residence and have the court appoint her Executor.
The KEY is control!
A Revocable Trust could have been prepared to avoid Probate and allow the Family to sell or transfer the residence without court approval. With a Will, the Probate Court controls the pace of administration. The Family retains control with a Trust.
Probate Court controls the pace of administration with a Will ONLY. The Family retains control with a Trust.
*The examples and explanations provided in the slide show and on this website are for informational use only. Seek professional advise for your own situation.
An individual who passes away with only a Will as his/her Estate Planning document, typically requires probate to transfer assets to family members. A Will is not a probate avoidance technique.
Proper Estate Planning avoids the Probate process entirely.
A Revocable Living Trust avoids the Probate process as well as the time delay and cost associated with Probate.Clients mistakenly believe that a Trust is only for estates worth millions of dollars.
This misconception could not be farther from the truth.Simply owning a home can allow a client to take advantage of the benefits of a Revocable Living Trust.
(815) 931 -9424 Bradley, IL