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I think I understand but need to clarify. I will set the scenario. My husband and I are in our 70's. We have just sold a rental property but it is on an installment, we received $5000.00 down and the balance of $30,000 is due to be payable in 7 years. If something should happen to both of us before this term expires who gets the proceeds or makes sure it is paid out? We do not have a will or any trusts set up. We also have 7 children. At closing yesterday I asked this question of the gal at the Title company and she said our trust would take care of it. We don't have a trust. We also have some IRS's, CD's, property, and our main home, some bank accounts not a lot in them.
So a will goes through probate and a trust does not?
Why would anyone have a will then, if a trust is less problem at the end? Is the only benefit of a trust to avoid going through probate?
Makes sense! In a will can you set one person as the executor? Since we have 7 children and each is in a different place in their lives I would not feel comfortable in saying just split all 7 ways?
Thank you! You have been a very big help. Do you also answer questions in regard to handling this sale on our taxes or is that someone else?
Thank you again, I will repost my question. Even though I am on a monthly prepaid I believe you deserve a bonus. I will complete that.
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