Do I need a Trust if I already have a Will?

Having a will without a Trust will create a Probate, which will be a slow and expensive process.

If you only have a will and you own real property there is going to be a probate. The probate process can cost anywhere from 30-40k and take over a year. On the other hand if you have a Trust there are still administration expenses but you don’t have court supervision and it should cost much less after you pass away. The bottom line is if you own real property your beneficiaries will likely save money by having a trust instead of only having a will in place.

Living Trusts and Probate Avoidance

Although living trusts have been around for centuries, only recently have they achieved a high degree of popularity among the general public. The reason for this surge in popularity is that living trusts help to avoid probate. You might be wondering, “What is probate, and why is everyone trying so hard to avoid it?”  The short answer is that probate is a court-supervised procedure for collecting a deceased person’s assets, paying debts and taxes, and distributing the property to the person’s beneficiaries (either according to the instructions the person set forth in his or her will or as determined by state law if the person died without a will). The probate process usually takes 6 to 12 months to complete, although it may take longer in complicated cases.

Do you want to schedule some time to go over your options?

Schedule a consultation with Rex Crandell Firm in Walnut Creek, CA by calling our office at 925-934-6320. Our team has the experience and knowledge the handle your case!

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