To avoid probate:

1. one can put a house in a trust.

2. Retirement accounts can state beneficiaries to avoid probate.

3. Some accounts can be listed as transfer on death or payable on death.

Technically, you can put your name on checking accounts with the parent, but that is not recommended due to tax and other reasons. But people do it.

I’m not a lawyer, but this is what a lawyer told me.

Anonymous wrote:Having recently closed my aunt’s trust, I do not see a time advantage in them. It still took almost 2 years to completely close and distribute the assets even though all assets were held in the trust. And I did everything as speedily as could be done, usually within a day or two of my next action, I had completed it. but between tax forms and lawyer timelines and release form, it just took a long long time

Something to consider is you need trustees you trust who are willing to do what OP did. Also, even if people agree to be trustees, they can resign at any time and you will have to pay a financial services company to do it. Also, if you ask someone to be a trustee, that person can ask you to do the same. If they are financially complicated you may not want that job. My friend did it for a sibling who was litigious and also got sued multiple times. There were still lawyer fees for suits and other things to deal with when her sibling passed. There were a lot of other complicated issues where she wished she had never gotten involved.

Some states, including Virginia and DC, allow for transfer on death deeds for your real estate, which avoids probate.
Definitely get a competent attorney to help you work through all of your options. It is worth the cost.

Anonymous wrote:Most people don't have the many millions of dollars in assets to make a trust worthwhile.

Trusts can be extremely beneficial for smaller estates too (see the recent discussions around protecting assets from Medicaid, for example).

OP and everyone else, understand the best solution is not something DCUM can tell you. There are many different kinds of trusts, there are many other ways to transfer assets. You need to consult a competent attorney to make an estate plan. There are too many variables involved to get answers here, and no one can give legal advice online. It’s a great place to get ideas and start gathering questions, but specific plans require a qualified professional.

Most people don't have the many millions of dollars in assets to make a trust worthwhile.

Having recently closed my aunt’s trust, I do not see a time advantage in them. It still took almost 2 years to completely close and distribute the assets even though all assets were held in the trust. And I did everything as speedily as could be done, usually within a day or two of my next action, I had completed it. but between tax forms and lawyer timelines and release form, it just took a long long time

We're updating our wills and setting up a trust right now. It does avoid probate and makes distribution of assets easier. We're working with an elder services lawyer so that we can protect our assets if one of use needs nursing home care.

Strongly suggest you talk with an attorney who specializes in this.

Anonymous wrote:Generally, yes. A will creates an Estate, which is responsible for debts and will be subject to probate (which can range from NBD to hell, and there will be costs associated with probate). There are different kinds of trusts, and different methods of avoiding leaving an estate.

You need to speak to a an attorney who specializes in trusts and estates, because they can navigate your mom’s individual circumstances.

Meant to say different methods of transferring assets. There are only two ways of leaving an estate, with a will or dying intestate.

Generally, yes. A will creates an Estate, which is responsible for debts and will be subject to probate (which can range from NBD to hell, and there will be costs associated with probate). There are different kinds of trusts, and different methods of avoiding leaving an estate.

You need to speak to a an attorney who specializes in trusts and estates, because they can navigate your mom’s individual circumstances.

Probate is time consuming. A trust allows for the transfer of property without a court.

But probate isn’t an issue for most people. Outside of CA especially a will is just as good a trust (and in some ways maybe better)

Yes, if you want to avoid probate.

Apologies if this has been asked here before but my mother is saying her house and assets will be willed to me. However I’ve heard it’s better if property is in a trust. Is this generally true?