The TreeceCo Report
By Tony Treece
For many people probate is a foreign concept. Generally it is not something we even want to think about, but having a plan for what happens when you pass away can mean the world to your children.
Having a living revocable trust is simply having a plan for what happens after you die. If you have not prepared or if you have a will or a poorly written trust, your belongings will go through a government process called probate.
Probate records are all public information. Last week I went to the courthouse to search for some probate records. The files behind me in this picture are some of the cases going through probate in Cabarrus County. Of course I was able to search through anyone’s record I wanted. I saw credit card statements, mortgage bills, deeds to land, car payments, attorney letters stating what was happening, and on and on.
If that’s not painful enough, like many things pertaining to government, probate will not be on your children’s or heirs’ schedules. It will be on a legal system’s schedule. When they get a chance to get to your estate, after slogging through hundreds of others, your children will get your case settled.
Sadly, some attorneys specialize in making the legal process longer and more cumbersome. Using an attorney you can choose, while there is no pressure or emotional strain, is wise. We work closely with several attorneys who ensure that your living revocable trust will have 222 must-have provisions.
While it may cost you several thousand dollars to have a living revocable trust established, it will be cheaper than allowing your children to pay 4% to 10% of your estate to the court system and attorneys and whatever other bills come up along the way.
This newsletter will conclude our series about Estate Planning. To schedule a free no obligation consultation to review whether estate planning could be right for you call 855.534.4653.