How To Avoid Probate In Las Vegas
Probate is the legal process of locating and assessing a deceased person’s assets (the “estate”), paying the estate’s financial obligations and then distributing what remains to the beneficiaries of the estate. Depending on the size and complexity of an individual’s assets and debts, probate can sometimes be a long and expensive process. As a result, many people try to avoid it.
There are three basic reasons to avoid probate by putting property in a trust:
First, if there is any substantial property involved, it is a heck of a lot cheaper to have property pass through a trust than through probate. If a person dies with their property in a trust, most times the successor trustee can handle the distribution of property without an attorney. Few people can do probate without an lawyer.
Second, depending on the amount of property involved, probate can take months, even if all of the next of kin/beneficiaries agree on everything.
Third, probate is a public record. If you are leaving your daughter $350,000 do you want a public record of that?