You don’t just get the thing..

20 Sept 2024 · 1 min

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In this brief monologue, the speaker warns anyone inheriting assets or drafting a will that assets left in a will must pass through probate, a court‑run process that settles debts and distributes remaining property. Probate can be costly, lengthy, and may delay the beneficiary’s ability to sell or profit from inherited property—examples include cases where probate lasts three years. The speaker recommends establishing a living trust as a practical way to avoid probate, allowing assets to transfer directly to beneficiaries without court involvement.

Chapters

I don't know who needs to hear this, but if you are being left something in a will or you're writing a will to leave to your kids, you need to know about this. When you leave something in a will, it will go through probate when you die, or if that person dies who's leaving it to you. And probate is a legal process basically sorting out like who the heck gets what, which sounds confusing because obviously when you leave things in a will, you think that the person that you left the thing in the will to will get the thing. But that's not how it works when it's in a will. Basically, it goes through the courts to like make sure that that person's debts have been paid off, and then like whatever's left, they get to essentially like divvy up. And it can obviously be expensive and insanely time-consuming. I made a couple videos about this a couple months ago, and somebody told me that they've been in probate for 3 years. 3 years. So even if you were left this piece of property to like eventually sell and then make a profit off of it, you can't do that until probate is over. So the solution to all of this is basically to have a living trust.