Despite the fact that probate is generally easy to avoid, some people neglect to take the right steps in doing so. For this reason, they leave their loved ones in a difficult position once they pass on.
Three Ideas to Consider
If you want to help your heirs avoid the probate process, there are a few ideas to consider. One or more of the following could be just what you need:
- Use Joint Ownership with Rights of Survivorship
This sounds complicated, but it is anything but that. For example, you can add a joint owner to a bank or investment account. You can also do the same with a real estate deed. By doing so, the other party can receive the property upon your death without any concerns of probate.
- Beneficiary Designations
Do you have a life insurance policy? Do you have assets in a retirement account? If so, you are taking advantage of this benefit and you don’t even know it.
Use beneficiary designations to your advantage, as this does two things: ensures that the asset avoids probate, and allows you to name the person who receives the asset upon your death.
- Revocable Living Trust
Just because you create a revocable living trust does not mean that your heirs will avoid probate. You need to take this one step further by moving your assets into the trust while you are alive. This may be a more involved process, but it is one of the best probate-avoidance strategies to consider.
These are a few of the simplest ways to avoid probate. You don’t want to put your family in a bad position once you pass on. You want to do the exact opposite.
If you have questions about the probate process, now is the time to consider the three ideas detailed above. We are more than willing to help!