The gift of probate

28 May 2024 · 1 min

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In this brief monologue, the speaker warns that relying only on a will—or having no estate plan—forces heirs into a 1–2 year probate lawsuit, costs roughly 5–8% of the estate’s value, and primarily benefits creditors. He then proposes a practical alternative: creating a revocable living trust, which can be set up for a modest fee and completely bypasses probate, sparing families the time, expense, and stress associated with the court process.

Chapters

If all you have for your estate plan is a will or nothing at all, I want to tell you what you're giving your kids. You are giving your kids 1 to 2 years of misery involved in a lawsuit trying to sort out who gets your stuff. In most states, every will has to be probated to make it enforceable. And in the end, they will end up paying 5 to 8% of the value of your estate for the privilege of doing that. The only people that come out ahead after probate are your creditors. But it does not have to be that way. Here's how you avoid all of that. You make a revocable living trust for a fraction of the cost and you completely avoid probate.