I agree, but they need a Trust not a will. Wills still go through probate which can take years and costs approx $5k
Just went through this. Family member lived in Nevada. No will. Took 3 years to go through probate. 1m estate left for wife and sister. If you and brother are not of retirement age, probably best if everything goes to mom (much less taxes) she can then put you and brother on land deed as co owners. When she passes, it will automatically become your property with no taxes. Most of the items on land (old cars etc.) should be listed as scrap ( pretty much no tax) We bought a house in Duncan for son and put him on as co owner. He pays all taxes and expenses and when we pass, it’s his no tax. BUT, talking to a attorney would be best. Just our experience.
That’s great for figuring out who owns a specific piece of land, and you can use the platt numbers.. Not so much for figuring out what pieces of unknown land someone owns. Especially if they own land in other counties or other states.
Sorry for your loss. And for the trouble, they don't make it easy or cheap.
1. Check out acrevalue dot com, you can get a free trial and do a search for parcels by owner. Super useful.
2. Trusts trusts trusts. Paper entities you control, with wills and all that bypass probate, simplify taxes, etc.
This is how the rich play.
It isn't necessary but super useful to get an attorney to get one done.
Best money we've spent in a long time.
1. Check out acrevalue dot com, you can get a free trial and do a search for parcels by owner. Super useful.
2. Trusts trusts trusts. Paper entities you control, with wills and all that bypass probate, simplify taxes, etc.
This is how the rich play.
It isn't necessary but super useful to get an attorney to get one done.
Best money we've spent in a long time.
Sorry for your loss. You're in for quite a process getting this settled. I'd make sure that you keep mail delivery at all known addresses- PO boxes etc. Most states will send tax notices so if something out of state is unknown to you, may at least get the tax bill.
Trusts have a different purpose and in some cases they are needed. With a properly done Will,, Probate will take a day at most. Once the judge sees the will and has spoken to the Executor, its over.
It might take a day at most once it gets before a judge, but that is still going to be months after the decedent passes. There absolutely are other reasons to have trusts, but that doesn't diaqualify the speedy transfer of assets to beneficiaries from being a reason in and of itself. If you are retired and outright own your house, you already fall into the demographic that really should have one.
Are you an attorney? I was told differently from mine. Maybe I was given bad information?
I think it depends on what county your in and how busy they are, from my understanding as to what i was told the longest wait is getting into the courthouse and once a date has been set it goes quickly. But it could have been also that the lawyer was wanting to drag it out also so he could charge more.
Probate is a long process. First the executor has to be appointed by the judge and there's a process for that. Then notifications, inventory, etc., etc., etc.
If the estate is small they can do a summary administration of the estate which is much faster and easier. Still takes a month at least.
If the estate is small they can do a summary administration of the estate which is much faster and easier. Still takes a month at least.
