If youre taking the time to plan your estate, you may want to take advantage of some probate avoidance techniques in order to keep some of your assets out of the probate process. Our previous blog entry discussed some of the ways in which you can avoid probate.
Now, take a look at more ways to avoid probate. If you have any questions or if youd like to take advantage of some probate avoidance techniques, meet with an estate planning attorney.
- Set up a revocable living trust. A revocable living trust has many benefits. A revocable living trust is used to hold your assets. Once you die, the assets in your trust will be managed by a successor trustee. This trustee will be responsible for distributing the assets according to the trust document. All of these assets will NOT have to go through the probate process. Since the assets in a revocable living trust arent subject to probate, your beneficiaries are able to receive their inheritances more quickly. Many people choose to create a trust because of this reason.
- Take the time to name beneficiaries. Many people dont realize that the asset distribution is not controlled by your will or other estate planning document. Certain assets such as your life insurance policy and retirement accounts allow you to designate a beneficiary. This beneficiary will receive your assets after your death. This is another way to make sure that some of your assets avoid probate.
Take the time to carefully evaluate your assets and determine your needs. If you want to help your loved ones receive their inheritances more quickly and want to keep your affairs private while saving time and money, you may want to use some probate avoidance techniques in your estate planning.
If you have any questions about your plan or if youd like to learn how you can incorporate probate avoidance in your estate plan, consult with a qualified estate planning attorney.