How do we avoid probate? Is it possible to protect our estate utilizing trusts? In this video, we will be going over how to avoid probate by implementing trusts.
“What is probate, and why should someone care about it?” 5:28
Toby Mathis, Esq. is joined by John Anderson, Esq. to help answer the burning questions of our audience. Hopefully, we will be able to illuminate your understanding of some issues.
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Probate is a courtsupervised process for administering a will, through which the executor manages the probate estate and pays any taxes due. The personal representative collects assets, pays debts of the decedent (if there are any), files final tax returns, and distributes the property according to instructions in the will or state law. When someone dies without a will, it is known as dying “intestate,” and the laws of intestacy apply.
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Probate is something most people want to avoid at all costs due to the issues it creates with those looking to inherit estates. In most jurisdictions, the probate process is required to transfer title to real estate and other assets from a decedent to his or her heirs. It usually takes several months or longer before the final disposition of an estate is completed.
Be sure to follow our discussion until the end so as not to miss out on the vital information we will be going over.
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Show Notes:
0:00 Intro
0:40 Guest Background
5:26 What is Probate
7:54 Procedures
10:09 How do trusts avoid probate?
14:08 Beneficiary and Trustees
17:54 Are trusts for the wealthy?
25:01 Decision Making
27:23 PourOver Will
29:37 Pulling the Plug
33:47 Apples to Oranges with Estate Plans to Wills
38:21 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the bestselling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorneyclient relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
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