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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?

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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?

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10

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.

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