The most common reason most families have to deal with probate court is because of the ownership of their home or real estate. Probate is a court, which hears claims by descedents to determine who is the rightful owner of real estate or property.
A small estate affidavit cannot address the ownership of real estate. A family of a deceased love one must undergo a court process called "probate court". Generally, a will is not sufficient to avoid probate court although most families believe so. A will may outline who is the proposed executor but a will does not bypass probate court.
In contrasts, a revocable living trust is an alternative to a will and it does avoid probate court. A revocable living trust is amendable and it is intended to be effective during your lifetime to battle incapacity issues. Thus, a revocable living trust has a provision(s) which enable a trustee to be appointed to manage the assets of the trustor (creator of the trust).
The way to avoid a probate proceeding is to re-title your ownership of real estate into your trust's name. Your trust will designate who your Trustee is and who are your beneficiaries. A living trust or otherwise known as a revocable living trust is a great way to avoid the pain and costs of probate court.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is based downtown Chicago. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
No comments:
Post a Comment