Benefits of Putting Assets in an Estate ?
- Thread starter johnsmithes
- Start date
Check a lawyer. But I think doing so would subject the assets to probate costs, and if there are any liens on property or outstanding debt, then the lenders can go after it through your estate. Maybe it is posible to pass these assets directly to your heirs through a will rather than your estate. But as I said, check a lawyer.
Unusual question for a first post. Are you a wealthy man (or woman) with tons of assets?What are the benefits of putting ones assets in an estate? What is it good for?
I think it makes it easier to control your assets after you are gone when the assets are in a testementary trust (or is it inter vivos trust?). But, check with an estate lawyer.
I think that is true. That is why many people own their houses as "tenants in common" or is it "joint tenants". That way the survivor inherits the property directly without going through probate.Check a lawyer. But I think doing so would subject the assets to probate costs,
An "estate" suggests the occurance of a death, but assets can also be put in Trust during a lifetime. Your motivation may vary depending upon the purpose of the Trust- tax planning, providing for minor children or disabled dependents for example, and the type of trust should reflect your objectives and the degree of control you intend to exercise over it in future, if any.What are the benefits of putting ones assets in an estate? What is it good for?
As others suggested professional advice is essential.
I'm not a lawyer, but it is my understanding that you want to own the property as "Joint Tenants" to have the survivor inherit the property directly having to go thru probate.I think that is true. That is why many people own their houses as "tenants in common" or is it "joint tenants". That way the survivor inherits the property directly without going through probate.
http://estatelawcanada.blogspot.com/2010/01/joint-tenants-vs-tenants-in-common.html
