How to Avoid Probate Court If you’ve ever heard of probate court, the chances are good that what you heard wasn’t reassuring. We’d all like to give our possessions to our children or loved ones when we pass on. We are careful to have life insurance and savings in order to make things easier for those we care about when we’re gone. The last thing that anyone wants is for their loved ones to wait months, or longer, for their inheritance or to have a large portion of it taken in probate fees. There are however, some steps that can be taken to avoid probate court. Make a Living Trust This is one of the most straightforward ways to avoid probate court. As an alternative to a will, a living trust places all property and assets in “trust” where they are managed by a chosen trustee. This benefits your chosen beneficiaries and avoids probate because all of your assets and property have already been distributed. Designate Beneficiaries on Bank and Retirement Accounts If you’ve chosen to have a will rather than a trust, you can still ensure that not all of your assets need to pass through probate court. Many people are unaware that you can often designate beneficiaries for some of your most valued assets. Assets such as your retirement and bank accounts often allow you to designate a beneficiary who will receive the money upon your death. Joint Holdings Another good way to ensure that your real estate stays out of probate court is to hold it jointly with the person you want to have it. Owning property jointly allows it to pass directly to your loved one without involving probate courts. There are risks in owning property jointly with anyone other than a spouse, but either way jointly held property goes to the surviving owner upon your death. There are many other ways to avoid probate court and ensure that your assets aren’t mired in red tape indefinitely. Talk to an estate attorney to discuss ways in which you can avoid probate and minimize stress in what will already be a difficult time for your loved ones. For a free consultation, please call us today at 941-365-2253.
