Probate And Trust Administration
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6-Step Guide to DIY Probate.
Losing A Loved One
Is Always Difficult
At ELG Estate Planning we understand that you are going through a challenging time. We provide personalized, capable and compassionate guidance to help you work through the estate administration process.
Probate may or may not be required. Simply stated, Probate is the legal process of gathering assets, paying creditors and making sure property goes to the proper beneficiaries.
When there is a Will, it is admitted to probate by the court and a Personal Representative (also known as Executor or Executrix) is appointed to distribute the assets as stated in the Will.
When there is no Will, the court applies the laws of intestacy to determine how the person’s property will be divided. The intestacy laws may limit inheritance by a spouse when there are assets that were owned prior to marriage, inherited or owned by children when a parent was divorced and remarried. A Will allows you to distribute your assets to your loved ones and ensures your wishes are followed. Without a Will, even if your wishes are known, they cannot be followed if they conflict with intestacy laws.
There are many situations where probate is not necessary, such as:
- Estates with assets totaling less than $100,000 and no real estate may be settled by way of an affidavit procedure
- Even where there is real property, no probate may be required if there is a Transfer on Death Deed
- Assets titled with Beneficiary Designations such as life insurance policies
- Bank accounts jointly held or with the right of survivorship or Payable on Death or Transfer of Death
- Assets subject to a Community Property Agreement
- Assets titled in a Trust, including a properly funded Revocable Living Trust
Should I Avoid A Probate?
Probate should not be feared. It can be extremely beneficial! Especially if Long-Term Care is needed, a married couple should incorporate Medicaid Asset Preservation Strategies™ that are only available through probate. A Revocable Living Trust may sometimes avoid the probate process, but provides no asset protection for the surviving spouse who needs Long-Term Care benefits. Under Washington’s current Medicaid rules, a probate is required to protect assets for the surviving spouse and thus often is recommended for its benefit to the surviving spouse.
Where probate is necessary and beneficial, ELG Estate Planning works with you to streamline the estate administration process. Probate fees are based on the services rendered, not a percentage of the estate value. A well-planned Asset Protection Estate Plan™ simplifies the probate process, protects assets and truly is a gift to your family and loved ones. Let us help you with the planning necessary to make the probate and estate administration process as easy as possible by:
- Avoiding probate where it is not necessary or beneficial
- Simplifying the probate process
- Reducing or eliminating taxes and State liens
- Protecting your estate from unnecessary creditor claims
- Making sure your wishes are carried out
- Providing for your loved ones
- Protecting assets
Probate And Trust Administration
Please contact At ELG Estate Planning for more information.