Why a Will Without a Trust Could Put You In Probate

When it comes to estate planning, many people believe that having a will is the solution to all their problems. However, what they don't realize is that a will often forces their estate into probate. People also don’t realize how invasive, extensive, burdensome and costly the process can be.

Probate makes your estate public knowledge.

A will is a public document. This means that once it is filed with the probate court, it becomes available to anyone who wants to see it. As a result, all the details of your estate, including its assets and beneficiaries, become public knowledge 😱

This can be particularly problematic if you have heirs who are prone to conflict or if you wish to keep your financial affairs private.

In order for a will to be valid, it has to go through a process called validation or probate. During probate, the court reviews the will to ensure that it meets all legal requirements and that it is your final testamentary document.

This process can be time-consuming, taking anywhere from several months to several years, depending on the complexity of your estate and any legal challenges that may arise.

Time-consuming and Costly

In addition to being a time-consuming process, probate can also be costly. The fees associated with probate can vary depending on the state and the size of the estate, but they can add up quickly.

Probate fees can include court costs, attorney fees, executor fees, and appraisal fees, among others. These legal fees can eat away at the total value of your estate, leaving less for your beneficiaries.

Although a will is a document a probate court should follow, it is not always followed, and definitely does not avoid probate. In fact, it triggers it.

Once your will is validated, the probate court takes over the administration of your estate, which means that all your assets are frozen until the court resolves any legal issues.

During this time, your heirs may not have access to the funds they need to pay bills or make necessary purchases.

So, what can you do to avoid the pitfalls of probate? One solution is to establish a revocable living trust, or RLT. Unlike a will, an RLT is a private document that does not need to go through probate and can be settled or administered without all of these hassles .

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