Many people hope to avoid the process of probate when creating their estate plan. This is because probate can be extremely expensive and can take a lot of time and effort. In addition, it can take a long time for beneficiaries to receive assets. If youre looking for a way to make sure that your beneficiaries receive your assets more quickly after your death, take a look at some of the information below. If you have any questions, or if youd like to discuss probate avoidance techniques, meet with an estate planning attorney.
- Consider joint ownership. If its appropriate for you, you can jointly own some of your assets with a loved one. Once one of you dies, the other person has full ownership of the assets. Its important to carefully consider this option because the other person will have complete control over your jointly owned assets and your ownership interest is subject to seizure by your joint owners creditors.
- Make sure that your beneficiary designations are current. Certain assets such as pension plans, life insurance policies, and retirement accounts pass directly to beneficiaries after your death, avoiding probate. You will need to review your designations so that the right people are getting your assets. Your loved ones will be able to get these assets quickly after your death.
- Consider creating a revocable living trust. With this trust, you can title your assets in the name of your trust. After your death, your trusts assets will be distributed based on the trusts instructions, avoiding probate. This means your loved ones can receive your assets more quickly than if you were distribute your assets via a will. In addition, your affairs are kept private when you use a trust.
- Another option is to create a transfer on death or payable on death account. This will allow you to pass your bank account assets to a beneficiary, that you have named, after your death. You can discuss the rules associated with these accounts with your attorney or bank.
If youre looking to avoid probate, there are steps that you can take to meet your wishes. If youre interested in implementing probate avoidance techniques, consult with a qualified estate planning attorney.