Estate Planning in Wyoming

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Commonly Asked Questions about Estate Planning in Wyoming

How do I avoid probate in Wyoming?

In Wyoming, you can make a living trust to avoid probate for virtually any asset you own -- real estate, bank accounts, vehicles, and so on. You need to create a trust document (its similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

How long does an executor have to settle an estate in Wyoming?

In Wyoming, the executor has three months from the date of their appointment to notify creditors, who then have up to three months to make claims against the estate for any debts owed. Paying Debts and Taxes: After notifying the creditors, the executor must then pay off any valid claims from the estates assets.

How much does an estate have to be worth to go to probate in Wyoming?

Probate is usually necessary in Wyoming to transfer assets held by a decedent in his or her sole name at death worth more than a certain value, ($200,000 at the time of writing).

Do wills have to go through probate in Wyoming?

Initially, a decision should be made as to whether to probate the will. A probate will be necessary to transfer the decedents estate to the heir if the decedent owned assets there were: Located in Wyoming. Worth more than $200,000 (as of the writing of this article, not counting mortgages and other encumbrances)

How much does probate cost in Wyoming?

The statutory fees for probate are approximately 2% of the estate value be paid to the personal representative and 2% of the estate value be paid to the attorney. Both forms of probate are (very) public processes wherein anyone can look up your loved ones assets, debts, and the beneficiaries receiving those assets.

How much does it cost to set up a trust in Wyoming?

Wyoming Trust Formation Costs and Fees Wyoming Statutory Trust Certificate of Trust filing fee $100 One Year of Best Wyoming Registered Agent service $50 Total Wyoming Trust Cost:For $150, you can form a Wyoming statutory trust and hire us for a year of Wyoming registered agent service.

What is the inheritance law in Wyoming?

Children in Wyoming Inheritance Law If you have a surviving spouse and descendants, your spouse inherits half of your intestate property and your descendants inherit the other half. If you have children but no spouse, your children will inherit all your intestate property.

Do you have to go through probate in Wyoming?

Wyoming does not require probate for those who properly establish either a revocable or irrevocable trust. Placing your assets in trust helps avoid the court supervised probate process and ensures your end of life wishes are met.