2006-08-21 17:24:03 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Yes.
A trust will get you out of most of the probate issues, but there will be a probate. That's when your creditors can submit claims to your estate 'n stuff like that.
2006-08-21 17:30:45 · answer #1 · answered by Fulltime in my RV (I wish) 3 · 0⤊ 0⤋
I am assuming that you already have your child listed as P.O.D. (payable on death) on all your deposit accounts (ie: checking, savings, CD's...). If not, make it a priority to do so. When you select a person as a P.O.D., they do not have to go to probate to inherit the funds. Do you have any tangible assets? If so, then those items will go to probate. As you probably already know, this can be costly. Don't include your accounts in probate. By the time anyone of significance inherits the funds, the lawyers would have absorbed it all!
2006-08-21 23:42:39 · answer #2 · answered by playerwon 1 · 0⤊ 0⤋
You need a will since you have a child. The other person already mentioned the reason for probate.
2006-08-21 22:40:20 · answer #3 · answered by J. C. 6 · 0⤊ 0⤋
That is the part that the government gets involved into your business and approves it or not.
2006-08-21 17:42:14 · answer #4 · answered by Robert F 7 · 0⤊ 0⤋