You would be correct on the “Revocable” trust part. As far as the probate part, it’s my understanding some states are much easier when it comes to probate versus a trust. In Texas even if there is a Will, beneficiaries are still required to go to probate in order to finalize everything and are responsible for those associated costs which is why I made the comment about considering a trust in addition to a will in the state of Texas when possible.
Probate can be easy in some states. There are still other reasons for the use of a revocable trust - privacy (an overblown reason IMHO), incapacity (valid) and a super narrow technical estate tax lien issue.
I’m sorry to quibble, but this is not exactly true. If you are in possession of a Will, and you are the Executor, you may be required to file the Will with the probate court, but you don’t have to accept or serve as Executor. If there are no probate assets, or those assets are less than the creditors’ claims, the family can just not choose to be a part of the probate process, but someone else could undertake a probate administration - such as the creditors to get paid.
Ok well you’re speaking about several different situations where IMO there is no benefit of having a will or trust (not having assets or a minimal amount). I’m referring to there being a substantial amount of assets that have to be divided or liquidated. You seem to have a good grasp of the situation as a whole, maybe you’re a lawyer. I’m speaking from my experience with an estate planning firm and strictly that, not what ifs. My post was also not intended to be an end-all, be-all of information because every persons situation is different and they should educate themselves prior to making a decision. Thanks for clarifying those points I’m sure someone will find it helpful.
I am on a plane and have too much time on my hands at the moment.
