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.
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.