FAQ Friday: Avoid Probate

On Friday, May 14th at 8 a.m. EST, Mr. Steven Berger discusses how a Revocable Living Trust avoids probate.

Probate is when a person passes and are if their are assets without a joint owner or beneficiary it goes through probate.

The rules of the Trust decide where everything goes. Though there may still be an administration of the Trust.

You are required to give (usually annually) accounting of the Trust to the beneficiaries.

You are avoiding probate fees, but you still need to pay for a Trust administration, but that is still a favorable difference from 1 to 3%.

It still has rules and regulations, just less so than in probate. The person who has possession of the Will has an obligation to make that known to the Court.

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