Tuesday, June 25, 2024

How To Avoid Probate Process

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A valid will dictates how the assets in question will have to be split and who will inherit what. However, still it will be subject to probate process. Often probate process is lengthy and cumbersome. Here are a few ways to do the estate planning to pass the assets while bypassing probate.

Create a living trust

This is the best and straightforward way to avoid probate. A living trust can be termed as an alternative to a last will. While a will is meant to distribute your assets upon your death, a living trust places your assets in trust which are managed by a trustee for the sake of your beneficiaries to inherit them with the least hassles. In this method, the property and assets are already distributed to the trust and hence it avoids the probate completely. A trust will also avoid the cost of a probate will.  

Name the beneficiaries on your bank accounts and on your retirement

The last will is a straightforward estate planning document for most people. Therefore they prefer a will in place of creating a trust. It is possible to name beneficiaries to most of our valued assets. When a beneficiary is named for your bank account, the beneficiary is entitled to get paid upon your death. Most people do not take time to name the beneficiaries to their bank accounts, retirement plans or other investments and best assets. Therefore, it is advisable to fill out the death forms provided by the banks and brokerage firms. If this is done, the proceeds can easily be dispersed without having to pass through probate. This will spare a lot of time and expense. 

Hold the estate jointly

One another way to avoid probate is to hold the estate jointly. This means you will register the property you buy jointly with your spouse or significant other. This will ensure that the property will pass to the other joint owner automatically without having to go through probate. In other word, the estate will be inherited by the other surviving member by default.

The role of a probate lawyer

The role of a probate lawyer is crucial in settling the estate and other assets in the most appropriate way according to the existing laws of the state. Whether a will is written or not, probate NSW lawyer can coordinate with the entire probate process and ensure the smooth inheritance of the assets.

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