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Frequently Asked Questions
PROBATE
What is Probate?
Probate is the court process in which a personal representative is appointed with authority to collect assets, pay debts and taxes, and to distribute assets according to your will (or intestate succession if there is no will).
What are the disadvantages
Contrary to popular belief, a revocable trust does not avoid federal estate taxes or creditors. Probate is avoided only if property is transferred to the trust (called "funding" the trust). It can be cumbersome to transfer each asset to the trust.
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