Probate Train: Not as Fun as it Sounds.

28 Jul 2022 · 1 min

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In this brief presentation, the speaker outlines the lengthy and cumbersome probate process that follows a person's death, describing each step from locating the will to distributing assets, and highlighting the inevitable delays, notifications, creditor claims, tax filings, and paperwork involved. The speaker emphasizes the time and expense incurred by these procedures and contrasts them with the option of establishing a trust, which can bypass probate and save money. The overall message is a sarcastic warning about the 'fun' of probate and a recommendation to use trusts for estate planning.

Chapters

Your last will and testament entitles your family to a 6-month to 2-year ride on the probate train. So while you're checking in at the pearly gates, or wherever you may be going, these are some of the fun-filled events that your family will be experiencing. Locate the will. File a petition in court to probate. Send out notice to all the heirs and beneficiaries. Sit around and wait for any heirs and beneficiaries to object. File a notice in the newspaper so all the creditors can come join in the fun. Identify all the assets. Value all the assets. Appraise all the real property. Wait around for all the creditors to say you owe them money. Pay all the creditors. File the tax return. Distribute all the assets. Prepare all the deeds, prepare all the titles, create a detailed accounting of how everything was paid and distributed. Now add a week or two delay between all of those things. Or you can create a trust and bypass probate and save a lot of money in the long run. This is why you follow me.