Handing down money to our children is a priority for many people. It is a great feeling to know that you can help those you love in some way when you pass on. Unfortunately, that money you have earned that you would like to pass on may be subject to probate fees, which can be hefty. Plus, the waiting may be months or years for the recipients to get it. There are some ways to avoid fees and waiting, however. Here are some tips to avoid probate.
A living trust means that you put money away while you are still alive to be distributed upon your death. Your assets are placed in trust, and a trustee will manage them for those who you would like to benefit. This also helps you avoid your last will going through court. As a will gets probated or put through the court system, there are court fees involved, and waiting times. A living trust circumvents all of that and gets the money and assets into the right hands sooner.
Beneficiaries On Your Accounts
A will is the most common way for people to set out how they would like their assets to be distributed. However, a will is not the only way to do that. Many accounts and assets allow you to name beneficiaries. This most likely includes your bank account. It is a simple process that you can take care of at the bank. Simply sign some forms regarding who is payable upon your death. This goes for retirement accounts, savings accounts, pension plans, and insurance policies, to name a few.
Right of Survivorship
When it comes to owning property, right of survivorship means that if you have a joint ownership, that property will automatically go to the other person without going through probate. That means you can own with your spouse, or even with one of your children. The main thing is to make sure that the ownership details are clear so there are no questions to dispute after the fact.
Estate planning can be a complicated and exhausting process. You want to make sure that everything is accounted for and nothing is left to dispute. Avoiding probate is a good way of making sure that as much of your assets as possible gets to where you want it to go.
If you need legal assistance with your estate planning, contact the experienced professionals at Gustad Law Group. Reach out online or call us at 206-533-2222