If a person or a couple does not have a lot of assets or any minor children, is a will or a trust still needed? Can some estates avoid an expensive probate even without a revocable living trust?
If the value of your assets are less than the limits for what is known as a “small estate” procedure, specifically, real estate holdings with a value of $90,000.00 or other assets with a value of $50,000.00, you do not need to have a living trust to avoid the high costs of probate. Your estate will qualify for small estate administration. Your beneficiaries will avoid the costs of a regular or “full blown” probate if the assets in your estate are under the limits listed above for a small estate procedure.
Related Questions
- If a person or a couple does not have a lot of assets or any minor children, is a will or a trust still needed? Can some estates avoid an expensive probate even without a revocable living trust?
- What is a revocable living trust and will I avoid probate if I put my assets in trust?
- Can a single person or a couple without children apply for a unit?