Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Klenk Law

Examples of Avoiding Probate.

Posted on Wed Dec 19, 2018, on Probate and Estate Administration

 

From Our “Ask a Question” Mailbag: “Please give me Examples of Avoiding Probate.”

Examples of Avoiding Probate

Examples of Avoiding Probate

Examples of Avoiding Probate:

  • Avoiding Probate with a Revocable Living Trust.

  • Mr. Philadelphia had his Estate Planning Lawyer draft a Revocable Living Trust. Mr. Philadelphia served as the sole trustee during his life and moved all his accounts and his house into the trust. At his death, his son, Philly, became the trustee. Philly did not need to file Mr. Philadelphia’s Will and thus, avoided probate.  Follow the link to learn more about Revocable Living Trusts.

  • Avoiding Probate with a SLAT, Spousal Limited Access Trust. 

    Mrs. and Mr. Philadelphia set up a SLAT for one another as part of their overall, estate plan. Mrs. Philadelhia named her husband as the beneficiary of her 401k, owned the house with him as Tenants by the Entireties, and named his SLAT as the beneficiary of all her bank accounts. At her death, the 401k passed to Mr. Philadelphia, he elected to take her 1/2 of the house into his name by filing a deed removing her name, and all her bank accounts poured into his SLAT.  There was no need to register Mrs. Philadelphia’s Will, avoiding Probate. Follow this link for more information about SLAT.

  • Avoiding Probate with a Special Needs Trust.

    Mrs. Philadelphia provided care for her youngest son, Philly, a Special Needs Person. Philly was eligible for and used Needs-Based Government Benefits. Recognizing that she needed to provide for Philly after her death, but not wanting to disqualify him from his Needs-Based Government Benefits, she had her Estate Planning Lawyer draft an Irrevocable Special Needs Trust.  Mrs. Philadelphia funded this trust with some assets during her lifetime and named the trust as the beneficiary of all her bank and investment accounts. At her death, she only owned the accounts that poured into the Special Needs Trust. The Trustee collected these accounts, leaving no need to file Mrs. Philadelphia’s Will. This careful preparation avoided Probate.  Follow this link to learn more about Special Needs Trusts.

  • Avoiding Probate Using an ILIT.

     Mr. Doylestown owns everything jointly with Mrs. Doylestown but wants his life insurance proceeds to be held in trust for her at his death. He could do this by forming a testamentary trust in his Will, but he wishes to avoid filing his will with the Bucks County Register of Wills.  Mr. Doylestown has his Estate Planning Lawyer draft an Irrevocable Life Insurance Trust during his lifetime. He transfers his life insurance policy into the trust. At his death, the trustee holds the life insurance proceeds for Mrs. Doylestown’s benefit. These steps avoid Probate. Follow this link to learn more about ILIT.

Follow this link to learn more about estate planning, and reading more Examples of Avoiding Probate.

In Conclusion: Examples of Avoiding Probate.

I hope these Examples of avoiding probate were useful. We are always happy to brainstorm with you about your own, unique situation. 

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Avoiding Probate, Living Trust, Revocable Trust, SLAT, Special Needs, Special Needs Estate Planning, Special Needs Planning Attorney, Special Needs Planning Lawyer, Special Needs Trust, Spousal Limited Access Trust

What Our clients are saying

Klenk Law Logo
Stars

AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!

Klenk Law Logo
Stars

Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.

Klenk Law Logo
Stars

Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.

Klenk Law Logo
Stars

Peter came highly recommended by a close friend to do our estate planning. We have been putting off for years. He is knowledgeable, professional and easy to work with.

Klenk Law Logo
Stars

Peter provided outstanding advice and preparation of a will and trusts.

Let us put our expertise to work for you.

Free consultation within 24 hours.