Eliminating The Probate Process
Most people spend a lifetime accumulating money and property, and they want their wealth to be distributed to surviving friends and family members after their passing. Unfortunately, many estates get caught up in probate for an extended period of time, leaving beneficiaries without access to their inheritance.
If you are hoping to eliminate the probate process after your own death, here are three tips that you can use to ensure your assets are distributed quickly and efficiently.
1. Distribute assets prior to your passing.
One of the easiest ways to avoid the probate process is to begin distributing assets prior to your death. If you know that you want to bequeath certain financial holdings, belongings, or pieces of real estate to friends and family members, take legal action to list these individuals on the respective titles of each asset.
By transferring ownership while you are still alive, you ensure that your assets will not be caught up in probate after your death.
2. Establish pay-on-death accounts.
If you have significant financial holdings, you can avoid having these accounts fall into probate by establishing them as pay-on-death (POD) accounts. A POD account lists a beneficiary that will be awarded ownership over the contents of the account in the event of your passing.
POD accounts can be beneficial tools in helping your loved ones avoid the delays associated with the probate process and ensuring that your financial assets are distributed according to your wishes. Just be sure that you keep the beneficiary information up to date so that the transfer of ownership will go smoothly when it comes to your POD accounts.
3. Create a living trust.
Working with your attorney to establish a living trust can be a beneficial way to avoid probate after your death. All of your assets can be transferred into the trust, which is controlled by you during your lifetime and administered by your appointed successor after your passing.
The assets within the trust can be distributed according to your specifications, and the trust can be revoked at any time while you are still living. Establishing a living trust can be a simple way to ensure your loved ones receive their inheritance in a timely manner.
Eliminating the probate process after your death takes some careful planning. Transferring ownership of assets before your death, establishing POD accounts, and creating a living trust are three simple ways that you can help shield your loved ones from the stress of the probate process after your passing. For more information, visit websites like http://valentineandvalentine.com.
