Probate can be a long and expensive process, exposing your estate to public records and legal fees. The good news? You can take steps to avoid probate and keep your assets private.
Why Avoid Probate?
-
It’s Costly: Probate fees and attorney costs can eat into your estate.
-
It’s Time-Consuming: Probate can take months or even years to finalize.
-
It’s Public: Probate records are public, meaning anyone can see your financial details.
How to Avoid Probate
-
Create a Living Trust Unlike a will, a living trust allows your assets to pass directly to beneficiaries without probate.
-
Use Joint Ownership Property owned jointly with a right of survivorship automatically transfers to the co-owner upon your passing.
-
Name Beneficiaries on Accounts Bank accounts, retirement funds, and life insurance policies allow for payable-on-death (POD) or transfer-on-death (TOD) designations.
📌 Want to explore trust-based estate planning? Book a call today!