Who Needs a Living Trust?

Who Needs a Living Trust?

For most people, the decision about whether to upgrade to a Living Trust or Family Trust is driven by a preference for avoiding probate.

Without utilizing a trust, it is difficult to avoid probate.  With a trust, it is relatively easy to do so.

Having said all that, the initial inquiry really is:  For whom is probate required?  In other words, are there people for whom probate will not automatically be required?

The answer is:  Probate is usually mandatory for anyone who owns real estate (of any value) and for anyone who has possessions and accounts with a total value in excess of $100,000. 

The only people whose heirs will not normally need to go through probate are those who do not own any real estate and who have total assets with a value of less than $100,000. 

All others will require probate unless special steps (such as creating a Living Trust or Family Trust) are taken to avoid probate.

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Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/common-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.



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