Avoid probate fees by naming beneficiaries to life insurance policies and pension plans, joint ownership and by multiple wills.
However, keep in mind that there are plenty of other techniques
for avoiding probate that don't involve giving away your property!
Many people choose to spare their beneficiaries and heirs from having to go through this process
by avoiding probate altogether.
Although it doesn't seem to be the case here, assets that are held jointly will typically pass to the survivor and
avoid probate altogether.
It is important to note that most annuity contracts are designed to
avoid probate in the first place.
Upon your death, it can provide for investment and distribution of your assets to your heirs
while avoiding probate.
Insurance, annuities, and retirement
plans avoid probate, as well as the administrative hoops your heirs would otherwise have to jump through.
An automatic transfer upon death is
about avoiding the probate process AND making sure that the proper beneficiaries receive these assets with minimal cost or complications.
The successful marketing of the living trust nationwide has focused on the idea
of avoiding probate - which is not even necessarily an adversarial process.
However, additional estate planning may be required to
avoid probate on the surviving tenant's death.
An alter ego trust that holds assets for someone over the age of 65 with no other beneficiaries during their life other than them may
avoid probate anyway.
More than
just avoiding probate or reducing taxes, there's the very human reasons listed in this article to benefit those you love.
There are a number of techniques
for avoiding probate, each with its own advantages and disadvantages.
It enables you to control the distribution of your estate (and often is used to name a trustee for assets left to minor children), but it does
not avoid probate.
Since trusts
usually avoid probate, your beneficiaries may gain access to these assets more quickly than they might to assets that are transferred using a will.
Insurance, annuities, and retirement
plans avoid probate, as well as the administrative hoops your heirs would otherwise have to jump through.
Consider the pros and cons of probate as they apply to your own estate before making a decision one way or another
about avoiding probate.
You may also have a complicated wish that you want third - party enforcement for, or want to leave assets in such a way that
avoids the probate process altogether.
With a Joint Living Trust you and your spouse can
avoid probate court, reduce or eliminate estate taxes and also avoid conservatorship proceedings.
By naming Amnesty International as a beneficiary, you will also
avoid probate tax and ensure that funds are available to help address critical human rights issues as quickly as possible.
Planned gifts can offer substantial tax savings, help part of an
estate avoid probate proceedings, and maximize a gift while minimizing impact.
In addition to these three reasons of how FIAs can benefit your retirement portfolio, there are several additional advantages,
including avoiding probate and protecting your spouse.
Avoiding probate saves money, allows for a quicker transfer of assets to beneficiaries and prevents your family's assets and debts from becoming public record.
See your estate plan in action during your lifetime and
avoid probate with one of our Living Trusts.
There are various ways to
avoid probate which include the use of a revocable living trust, joint titling of assets, or using beneficiary designations for estate assets.
However, an estate planning attorney brings professional expertise and can help consider
whether avoiding probate is appropriate for you, and if so, which techniques are appropriate in light of your greater estate planning goals.
Consider using FPTC if you would like help transferring $ 200,000 or more to your family or other beneficiary through a trust; or, if you would like to
potentially avoid probate — the legal process of distributing wealth after death — to maintain privacy and minimize estate - related costs.
The trust arrangement allows the proceeds to
avoid probate administration and can sanction the professional management of the proceeds to help ensure the livelihood of your survivors.
One way of helping your loved
ones avoid probate is to create a Living Trust — allowing you to transfer your assets to a separate legal entity.
all assets, title of accounts and real estate, investments and life insurance policies, etc., are transferred to the trust — then the trust can
avoid probate upon death, but any unfunded property will be probated.
The main reason for setting up a revocable living trust is to save your family time and money by
avoiding probate after your death.
He plans to occupy the house as his primary residence, but for estate planning purposes, he wants to put his house into a land trust with himself as the beneficiary so he can designate a successor benefiary and
avoid probate if / when he dies.