What are will alternatives? Did you know that you might be able to avoid probate in West Palm Beach?Experienced Palm Beach probate litigators know how use will substitutes to avoid the time consuming probate process. Is a will substitute right for you?
What are Will Substitutes?
- A will substitute is a testamentary document that eliminates the need or greatly decreases the use of a testamentary document like a will.
- It is not truly a substitute in the sense that it replaces your will.
- There is only one thing called a last will and testament and that is the will.
- But in West Palm Beach experienced Probate litigators know how to make more efficient documents that can perform the same functions as will.
- Have you ever heard of a testamentary trust?
- What about a pour over will?
- These documents can greatly reduce the expense of probate.
- How do they do that?
- A trust can turn property that would normally be probate property into non-probate property.
- Why is that so important?
- Because probate property is supervised by the probate court so your heirs will be waiting on the court’s schedule to move through the administration process.
- A West Palm Beach trustee will have the luxury of going at their own pace and not dealing with the Court absent a dispute.
- So clearly a will substitute can be a great addition to your estate plan, now the important question.
- Can you afford to get a will substitute in West Palm Beach?
- How much do they cost?
Is a Will Substitute Too Expensive?
- The trust is will substitutes come in all flavors and prices.
- For example you may want a sophisticated testamentary trust or pour over will that will require the expertise of a probate attorney.
- These documents can still be drafted at reasonable expense, often attorneys in West Palm Beach can agree to a flat fee as well.
- This saves you the pains of that hourly invoice!
- Also though you may be able to create a will substitute in West Palm Beach for free!
- Do you know how?
- POD or TOD accounts are affordable alternatives to probate for many West Palm Beach residents.
- These allow the party to create non-probate assets at a local bank, without a Palm Beach probate attorney!