Probate is Spooky!

In addition to breast cancer awareness month and Halloween, October is also National Estate Planning Month! A big part of estate planning is avoiding probate. Have you ever heard of it? Let me tell you: Probate is SPOOKY! Picture this: cobwebs hanging from the courtroom ceiling, creaky old chairs, and a ghostly judge wagging a bony finger at you. Okay, maybe probate isn't exactly like that, but you get the idea. Probate is the legal process that takes place after someone passes away. It involves validating their will if they have one, identifying their assets, paying off debts, and distributing what's left to...

29 August

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Asset Protection for Your Heirs

Posted by Libby Banks

in Asset Protection, Avoid Probate, Estate Planning, Protective Trusts, Revocable Living Trust, Wills & Trusts

I am often asked whether the revocable living trust we use as the cornerstone of our estate plans provides asset protection – protection from the creditors of the person creating the trust. The answer is no. While the revocable trust is a great estate planning and probate avoidance tool, it is not an asset protection trust. When you create this trust, you still have full control over the assets in the trust. Because of this, the law recognizes that they are your assets, and your creditors can get to them in the same way as if they were in your...

avoid probate attorney Tag

Probate is Spooky!

Asset Protection for Your Heirs