Your kids in Court

11 Dec 2023 · 1 min

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In this brief monologue, the speaker warns that relying solely on a will—or having no estate plan—forces a probate process that typically drags on for one to two years, costs about five to eight percent of the estate’s value, and often benefits creditors rather than the decedent’s children. The speaker emphasizes the emotional and financial burden this places on heirs, describing it as years of misery caused by lawsuits over asset distribution. As a solution, the speaker advocates creating a revocable living trust, which can be set up for a relatively small cost, avoids probate entirely, and keeps the estate matters private.

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 and everything happens in private.