Ways to Bypass the Probate Process
When a person passes, his or her assets will transfer to designated beneficiaries. This is generally done in accordance with language set forth in a will. If a person doesn’t have a will, assets are transferred in accordance with state law. The will is verified in a public process called probate. Those who prefer to transfer assets privately or quickly may want to use tools other than a will to accomplish these goals.
Put Assets In a Trust
It is important to understand that probate only deals with assets that are kept inside of an estate. By putting assets in a trust, they are held outside of the estate. Furthermore, as a family trust never dies, there is no need to probate items that it owns. Therefore, a simple revocable trust can act to shield homes, cars or other property from this process. Other items can be placed inside of a trust as necessary, and its language can be as broad or as specific as an individual would like it to be.
Use Beneficiary Designations
If there is a designated beneficiary to an item, that person will receive it as soon as the current owner passes away. In most cases, all that is needed is a valid death certificate to facilitate the transfer. It can also simplify taxes. Bank, brokerage and retirement accounts can generally be passed in this manner. Vehicles and homes may also be titled in a way in which they can be inherited automatically without probate. This may be ideal for those who believe that family disputes or other conflicts may lead to legal challenges if an estate is allowed to go to probate.
It’s Never Too Early to Start Estate Planning
Talking with an estate planning attorney Las Vegas can be helpful for anyone looking to secure their legacy and provide for future generations. It may be possible to review existing plan documents or create new ones if they are necessary to meet a person’s needs.