"Probate" generally refers to the court-supervised process of legally transferring property from a dead person to a living person. Probate is usually necessary in Wyoming to transfer assets held by a decedent in his or her sole name at death worth more than $200,000. The process has several drawbacks primarily relating to delays, expenses and privacy. There exist several alternative techniques such as revocable trusts. Learn more about the probate process here.Learn more
The discomfort of issues relating to death and dying cause many to delay estate planning and the difficult questions which arise from it. Many others avoid the issue because they believe their estates are not large enough for asset protection strategies. Factors such as these mean more than half of Americans lack even the most basic of wills. A comprehensive estate plan often includes a Durable Power of Attorney for financial planning, an Advanced Health Care Directive for medical guidance, and the use of various trusts to pass wealth onto the next generation without incurring unnecessary taxes.
Probate is often required for estates exceeding $200,000, but can be avoided through the use of revocable living trusts, medicaid trusts, certain asset types such as tenancy by the entirety, and through other estate planning arrangements. The subject matter is at times unpleasant, but planning now helps minimize painful difficulties in the future. A good first step in considering what should be accomplished with an estate plan would be to discuss your estate with loved ones and with trusted family advisers.
Initiating this discussion regarding their interests and preferences helps make clear which actions to pursue or avoid. For example, not giving unwanted property or responsibility to a certain individual. These conversations will help add to your list of critical issues that should be addressed and goals you would like to accomplish.