Does Everyone Need a Trust?
No. For some people, a Simple Will is very adequate.
A Simple Will is a suitable choice for people with minimal assets and no real estate. It is also adequate for people who are not interested in taking steps to help their spouse and/or heirs avoid having to go through the expense and delay of the probate process.
For those who do not own any real estate and who have possessions and accounts worth less than a total of $100,000, a Simple Will does not usually require a probate proceeding. Instead, a Small Estate Affidavit is adequate to wrap up such an estate quickly and with little expense.
For those who own any real estate and for those who have total possessions and assets with a value in excess of $100,000, probate will normally be required. That process typically takes about six months and costs anywhere from $2,000 to $4,000 on average. And for married couples, that probate process will normally be required as each spouse passes away.
For those who are content with their heirs having to go through all that, the Simple Will is still suitable.
For those who would rather that their spouse and/or heirs not be required to go through probate, then a Living Trust is an excellent solution.
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/answers-to-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.