From what I understand, one of the key benefits is regarding property you own....having a living trust avoids probate if whomever is in your will is not on the deed

You did the research, why you asking me

Nehru posted:

You did the research, why you asking me

I figure you may have something to say besides namakaram and gadaha...trying to raise the level of discourse man...why the rass yuh think I asking

Riff posted:

I have done some research on this....what else do I need to know...?

You may want to get a good lawyer, one who also specializes in wills and so on. I saw a family destroyed and went to court after the father passed away because the none of the kids wanted to share the wealth he left behind and there was no legal document left as a guide. Now the kids hardly speak to each other. 

Its important that the kids be aware (once they are of age) that such a document exist, otherwise it will end of going to the state. 

I have to do some research on a revocable trust.  It makes the transfer of assets from the estate of the deceased very simple and easy. Probate court is expensive.

Also, even if you leave a will, if property you own does not have their name on the deed, it will go to probate court to transfer ownership

Billy Ram Balgobin posted:

I have to do some research on a revocable trust.  It makes the transfer of assets from the estate of the deceased very simple and easy. Probate court is expensive.

that's what I am doing right now...legal zoom has a nice package for about $350 for a couple...

I have to weigh that versus getting a regular lawyer

The main thing is the property since investments and insurance policies normally have a named beneficiary

Nehru posted:

You did the research, why you asking me

Whattax!

Riff posted:

Also, even if you leave a will, if property you own does not have their name on the deed, it will go to probate court to transfer ownership

Correct. I have had to handle 3 Estates so far. Now I am working on my dad's own. He has no property but monetary assest. Even though I am the beneficiary of the funds the bank is insisting that the will goes probate

I want to file the probate myself since I know what to do. Bank is arguing that they want me to use a lawyer 

cain posted:

Nehru posted:

You did the research, why you asking me

Whattax!

Hey Cain, leave me and Riff alone):

Amral posted:

Riff posted:

Also, even if you leave a will, if property you own does not have their name on the deed, it will go to probate court to transfer ownership

Correct. I have had to handle 3 Estates so far. Now I am working on my dad's own. He has no property but monetary assest. Even though I am the beneficiary of the funds the bank is insisting that the will goes probate

sounds like a money making thing...this should be straight forward

Amral posted:

Riff posted:

Also, even if you leave a will, if property you own does not have their name on the deed, it will go to probate court to transfer ownership

Correct. I have had to handle 3 Estates so far. Now I am working on my dad's own. He has no property but monetary assest. Even though I am the beneficiary of the funds the bank is insisting that the will goes probate

Most likely a process by the bank to create business for lawyers.

Basically, the beneficiary has the legal right to execute the conditions that are stipulated in the will.

Of note, if there are property and/or other issues not included in the will, then those items have to be handled by an exclusively different process.

Riff posted:

Billy Ram Balgobin posted:

I have to do some research on a revocable trust.  It makes the transfer of assets from the estate of the deceased very simple and easy. Probate court is expensive.

that's what I am doing right now...legal zoom has a nice package for about $350 for a couple...

I have to weigh that versus getting a regular lawyer

The main thing is the property since investments and insurance policies normally have a named beneficiary

This is not a self help document

You will need an attorney with a significant background in Estate Planning

If the intent is to get Health care coverage, then be mindful of the 5 years look back period.

If you need more information  there email me at RichmondHilllEDC@gmail.com

Thanks Vish...this is not for health care coverage

That is why I am staying away from this topic. These matters are not a one size fits all scenario. A few bucks to an attorney is well worth it. Even a not so seasoned one.

Amral posted:

I want to file the probate myself since I know what to do. Bank is arguing that they want me to use a lawyer 

If you are the sole beneficiary, it might be OK. Else, I would engage a lawyer.