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Ep. 2 - Probate: Why is it bad?
Manage episode 435326325 series 3591527
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Welcome to Good Steward Law and Wealth with your host, Ledly Jennings. In today's episode, we dive into why probate can be a significant burden. Ledly begins by defining probate and outlining when it occurs. He then delves into the four major problems associated with probate, supported by real-life examples illustrating how time-consuming and costly this process can be. Additionally, you’ll learn about other risky scenarios that can arise when going through probate. Most importantly, Ledly shares the best solution to avoid probate altogether: Revocable Trust planning. Don’t miss this series on Revocable Trusts.
IN THIS EPISODE:
- [0:49] Ledly defines probate and how and when it occurs
- [3:30] The four main problems of probate are defined
- [5:44] Ledly shares two examples of how time-consuming and costly probate can be
- [9:16] What are other risky scenarios that can occur if you go through probate
- [13:23] The best solution is Revocable Trust planning
KEY TAKEAWAYS
- If you pass away with anything in your name alone, it will go through probate. A Will also must go through probate.
- Going through probate is a costly procedure that often does not match the deceased’s intent.
- Having a Revocable Trust is the best way to avoid probate.
RESOURCES:
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
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