Tag: Oren Ross & Associates
For over 27 years I have been working primarily in the field of estate planning. Yet a question asked by a young couple last week seemed to echo in my head like never before before. “What is the number one benefit of doing a trust?” When the old crusty cowboy told Billy Crystal, the city slicker, that he would find “City Slickers” that is important to him in life and use that as a reason to have a good and prosperous life, my mind immediately went to the 1980’s movie “just one thing” . For more information, visit their website at Oren Ross & Associates
This line made me realize that for every person, the “just one thing” in estate planning, like the movie, is different. “The true response is the it depends” quintessential cliché. Any of the most relevant considerations that people can remember would be mentioned for the intent of this report. In the end, whatever your “just one thing” is it can inspire you to take action and give your loved ones “Peace of Mind”
Avoiding Probate – This seems to be the most commonly cited applicable consideration, but I deny that it is the most significant reason to schedule. Probate is not the expensive, burdensome process in Arizona that it is in other states like California or New York. Yeah it takes some money, but it costs just a few thousand dollars in most instances. The magnitude of probate is primarily based on the make-up of the estate.
The more “complicated assets” you have (i.e. oil licenses, close-kept family companies, investments, fractional real estate holdings, etc.) and the more states you buy real estate in, the more easily you push up the “Probate Meter” You will have to have a probate case in each state if you own real property in more than one state, which means you will also need an attorney in each state. But if your assets (a home, a vehicle, some CDs) are “simple” and mostly located in Arizona, then the “Probate Meter” is very limited.