How to Avoid a $10,000 Mistake!

Jill passed away with $20,000 in savings and $10,000 of debt.  She only had a Last Will and Testament.  Because a Will requires debts be paid, $10,000 of her savings had to be sent to creditors.  Another $3,000 had to be spent on lawyers to get through the probate process.  A total cost of $13,000 that didn’t pass to the next generation.

However, Jack had the same $20,000 in savings and $10,000 of debt.  But, Jack had setup his estate to avoid probate.  The creditors were out of luck.  They could not get any of their money.  Jack passed that $10,000 to his family.  It cost him $1,000 to get everything setup.  So, Jack spent $1,000 to save $10,000.  Jack saved $12,000 for the next generation.

Multiply that out to $20,000 or $30,000 of debt and the savings is huge!

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