|Posted on September 16, 2014 at 3:25 PM|
Myth – If I have a will, my estate won’t have to go through probate.
Truth – A will specifies who will receive your property when you die, and who would be in charge of distributing it (executor). In a will you can also specify guardians of minor children and cremation or burial instructions. It doesn’t affect whether your estate needs to be probated.
Probate is necessary if you have money or property when you die that:
a) Is worth more than $150,000 total, that
b) Doesn’t go to a joint owner or beneficiary, and
c) Is not in trust
If you have property that would be probated, such as a house, you can avoid probate for your heirs by creating a living trust.
For more information see the http://www.cooperriderlaw.com/estate-planning