Probate refers to the process of establishing the validity of a will. It can be time-consuming and tedious, not to mention costly since a probate could take months, even years and that could leave your family without the financial security and support they need.
If you don’t want to subject your heirs to a probate, you might want to consider opting for the services of a Northfield Trusts lawyer. Take a look at the top three ways a trust lawyer can avoid a probate:
Write a living trust
Think of this as a handy alternative to a will. But whereas a will only sets conditions for distributing your property upon your death, a trust places your assets and any other property you might have in trust. A trustee will oversee your properties for the benefit of any heirs you have. This way, a probate isn’t necessary since the assets have already been distributed in the trust. With a living trust, you can also avoid paying for the cost of probating a will, which could be up to as much as 10 percent of the total estate. That’s a definite advantage for you and your heirs.
Name your beneficiaries
Set your beneficiaries for your retirement and bank accounts to help clear up any possible confusion when the time arrives. By doing this, any payable on death accounts you have—such as your insurance policies, pension plans, stocks and bonds, along with your 401K plans—will go to your heirs.
Joint tenancy
Holding your property jointly means the property will go to the surviving member. Your lawyer will ensure you designate this arrangement clearly, says Orlowsky & Wilson, Ltd.
With the help of a lawyer, getting these done should be easy. So hire one help and start on your estate planning today.
