Quote:
Originally Posted by Amnorix
I can't speak to any state other than Massachusetts, but probating a simple estate is not a multiyear process, and even if the formalities take a while, usually it is not that hard to get access to the assets.
I mean, if you're an ordinary couple, then:
1. your house is owned jointly, so it passes automatically upon death without going through probate.
2. your bank accounts and investment accounts are held jointly, so that too goes through probate.
3. your 401(k) etc. often have a named beneficiary, so it will pass outside of probate to your named beneficiary.
So yeah, usually not THAT big of a deal to go through probate, but some of the above may be part of the taxable estate which could have an impact, depnding on the state, and there may be other assets that do need to pass through probate, which can be a pain.
BUT -- KEY CAUTION -- I AM NOT AN WILLS/TRUSTS/ESTATES LAWYER AND THIS IS A F'ING WEBSITE. The legal advice I give is worth about what you're paying for it -- nothing. Seek professional advice from a lawyer with expertise in this issues IN YOUR STATE.
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I understand. I do appreciate your thoughts on probate though. Everyone seems to make it a big deal and says that if you have any kind of assets and kids, you should have a Trust.
My biggest reason for having a Trust would be to delineate monetary assets such as investments, so say my 12 year old son wasn't placed with a lump sum of cash and instead you could delineate money to him over decades if needed.
What happens in that scenario where both parents die and let's say have a sum of $250k in investment accounts? They only have one child, who let's say is 10 years old. If they have no trust does that minor really become the sole beneficiary of that lump sum?