When creating an estate plan, you're sure to think long and hard about what will happen to your assets upon your death. Like many, you'll want to do whatever it takes to avoid the probate process. This goes a long way in cutting back on the amount of time it takes your loved ones to receive your property. Furthermore, avoiding probate is a great way to save money.
While there is no right or wrong way to pass your property on as to avoid the probate system, some strategies are better than others. Some of the many things you should consider include:
- Revocable living trusts
- Death beneficiaries
- Joint property ownership
For example, a revocable living trust is better than a will when it comes to avoiding the probate process. Here's why: A will is subject to probate, but a trust is not. This means you can pass your assets along to your loved ones, all without any concern that they will have to pass through probate.
Another thing you can do is use gifts while you're alive to cut back on what you pass on after your death.
With more than one way for your estate to avoid the probate process, you need to learn more about every option and the best way to move forward.
Creating an estate plan can be a challenge, but you'll feel much better once you realize you're making decisions that will benefit your family upon your passing. This will give you the peace of mind you deserve, and there's nothing better than that.
Source: FindLaw, "Avoiding the Probate Process," accessed Jan. 17, 2018