CDP Customer Stories: Paul and Sue, Probate Protectors

Husband and wife Paul and Sue have a sizable estate. At the same time, they are concerned that although they took the time to prepare a will, it will be subject to probate after they’re gone.

Probate is the process of proving a will is valid. Once proven, the will guides an executor in disposing of a deceased person’s assets according to the decedent’s wishes. Probate is handled by a probate court, which will also administer the assets of a decedent who dies intestate, or without a will. 

Probate fees will be tens of thousands of dollars for their estate. Furthermore, the probate process can be contentious, because even if the decedent left a will, it can be contested. Then, even if the will is proven lawful, the heirs may challenge the way the executor is administering it. For these reasons many seek to avoid the probate process.

And it was for these reasons that Paul and Sue asked CDP to help them with a revocable trust. They studied CDP’s materials and saw that, for the most part, there were two common types of revocable trusts for married couples, the “A/B Trust” which limits the surviving spouse’s control of the estate after the first death, and the “Disclaimer Trust” which allows for much more flexibility. When they found out that with a disclaimer trust, they don’t have to make any decisions until the first person is deceased, and that the survivor has total control of the assets after the first death, they were thrilled because their first goal was to care for each other’s needs. Recently retired and with two adult children, Paul and Sue made sure with this trust that their heirs will receive what is rightfully theirs and are protected from probate.