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Should I Worry About Probate?
Sara Faitelson • December 19, 2022
Should I Worry About Probate?
Hello blog readers. I hope everyone is safe and healthy. I was thinking about a client and thought it was important to share her story. I really admired this woman. She was a 911 survivor and unfortunately, she was diagnosed with cancer and passed away before ever reaching age 55. She was a widow and had only one child.
There were a few problems with case. One, she never completed a trust and never transferred her new house in a trust. She passed away seven days after having a house built and never had the chance to live in it. Second, her trust was being created while she was very ill and was never completed. Third, her child was not financially ready to inherit as much was left to him all at once. Fourth, her son must wait for this new house to go through probate and pay for the housing expenses, even though he no intention of keeping the house. He wants to sell it but cannot. While he is waiting, he must use the money he inherited to pay for the housing expenses.
You are probably thinking what I am thinking: what a mess! These things happen in the real world and the only money that has been released to the beneficiaries are accounts where they have been named such as life insurance policies and investment accounts. If you have not spoken to an estate attorney about creating a trust, your family could end up in the same situation as my client’s family.
Should you worry about probate? Yes, if you love your family.
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