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Even if your estate is small, you should consider a living trust.

The probate process is very different, depending on your state of residency. That should be considered when creating an estate plan, according to the Los Angeles Times in “Why setting up a living trust may be wise, especially in California.”

In some states, probate is very expensive and time-consuming. In other states, probate is generally inexpensive and painless for estates under a certain size.  However, that particular size varies between states.

Advice about whether you should get a living trust to avoid probate may be good advice in California but less so in Michigan.

An estate planning attorney can advise you on creating an estate plan that fits your circumstances and takes the laws of your state of residency into consideration, as well as the size of your estate.

Reference: Los Angeles Times (Jan. 7, 2018) “Why setting up a living trust may be wise, especially in California.”

For more information on asset preservation and estate planning, please visit my estate planning website.

Mr. Amoruso concentrates his practice on Elder Law, Comprehensive Estate Planning, Asset Preservation, Estate Administration and Guardianship.