Estate Planning Comment of the Week

WEEK OF: November 5, 2006

HOW LARGE MUST YOUR ESTATE BE?

One of the most common questions I am asked is "How large must your estate be before it has to be probated?" My usual answer is, "ONE DOLLAR!". The reason for the answer is that the determination of probate is not a matter of the VALUE of your property, but rather it is a matter of the TYPE of property you own. If you own real estate in your name alone, your estate will need to be probated at the time of your death. If you own bank accounts, vehicles and other forms of titled property, there will most likely be the need to probate your estate. Will your estate be subject to probate? To answer that question, give us a call or leave us a message in our Guest Book, located behind the CONTACT US button on the left side of your screen. At POSTIC & BATES, we are ready to help you and your estate avoid the cost and time of probate. Now is the time to do your estate planning!