6 Different Ways You Can Stop PROBATE!
Melissa Gootee
The legal procedure known as probate upholds a decedent's will and distributes their property in accordance with the terms of the will. There are a few actions you can take to avoid probate:-
Create a living trust: Establishing a living trust is one approach to avoid probate. This entails giving the trust, which will be administered by a trustee you choose, ownership of your assets. The assets will be divided in accordance with the conditions of the trust after your passing, which can obviate the need for probate.
- TODD: is a deed that allows you to name one or more beneficiaries to inherit your real property after you die, without the need for probate.
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Joint ownership: Co-owning assets with another individual is an additional method to avoid probate. For instance, if you and your husband jointly own a home with the right of survivorship, the residence will automatically pass to your spouse upon your passing without going through the probate process.
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Beneficiary designations: You can also avoid probate by designating beneficiaries for certain assets, such as life insurance policies, retirement accounts, and bank accounts. When you die, these assets will pass directly to the designated beneficiaries without going through probate.
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Gift assets: Throughout your lifetime, you can give assets to your heirs. This may help prevent probate and lower the value of your estate.
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Consult an attorney: If you want to stop probate or ensure that your assets are distributed according to your wishes, it's best to consult an attorney who specializes in estate planning. They can help you create a plan that meets your needs and preferences.
FYI - A Will does not stop probate if you don't have the right kind of ownership! While a will is an important document for outlining an individual's wishes for the distribution of their assets after their death, it is not a guarantee that probate will be avoided.
Stayed tune all week for more information on this topic!
***REMEMBER: I am not a lawyer; I just play one on my blog, LOL! Just kidding. Always consult a lawyer for legal advice.
I work with many different professionals and may have a good referral for you so CONTACT ME, I'm here to help!
