What is Probate?
Probate is the legal process by which the Court is asked to approve your will and the distribution of your assets. It is a costly and lengthy process to transfer assets out of the decedent’s name and into the names of the appropriate heirs. Probate can take many years to conclude. Additionally, several factors can delay the process. With Rabalais Estate Planning, you can eliminate the expense, hassle and wasted time of a probate proceeding.
What Savings Result From Avoiding Probate?
As an example, after a husband dies, the probate expenses amount to $15,000 and again after the wife dies. The family incurs a total cost of $30,000 to distribute their estate to their heirs. By working with a knowledgeable Rabalais Estate Planning attorney, a customized, comprehensive and on-going financial arrangement will be designed to keep your estate out of probate after you have died. The Revocable Living Trust is used primarily as a probate avoidance tool.
What Is a Revocable Living Trust?
A Revocable Living Trust is a legal document similar to a will, except no probate or other court proceedings are required to turn property over to beneficiaries. For everyone, titling assets into a Revocable Living Trust is an acceptable and valuable tool. If your assets are titled in the name of your trust, your trustee will have immediate access to your assets and will be able to sell or distribute them to the beneficiaries you named in your trust.
- You can determine when, how and to whom you want your property distributed while avoiding the cost of legal fees, filing fees and court appearances.
- Your family never has to have a Last Will and Testament or an Executor approved by the Court.
- You keep complete control and access to your property for your entire life. You can sell or gift to loved ones or a charity. In addition, you can liquidate and spend your assets on whatever it is you want or need.
“We wanted to protect our home and investments for the future benefit of our children. We were very concerned about the high costs and delays of probate and possible nursing home takeover. We found Rabalais Estate Planning to be very well informed and professional. They drew up a plan of action that met all of our concerns. We can now rest easy knowing our estate is protected for future use by our children.” -Joe and Ruth Taylor