Different Types of Non-Probate Assets
If you’re considering creating a will and believe that it would be wise to start planning your estate, you should know more about the probate process and the types of assets that are considered non-probate. The probate process is a lengthy one that can sometimes cause issues with your assets and who they are given to. By avoiding the probate process, you’ll be able to have a direct say in what happens to some of your property and assets.
What Is the Probate Process?
Probate is a type of legal process wherein your final debts are settled within a probate court. The legal titles of your property are also handed over to the people who you’ve marked as your beneficiaries and heirs when drafting your will. Although this is a court-supervised process, there’s hardly any supervision by members of the court. The actual process typically involves filling out a substantial amount of paperwork in order to pay off any taxes and debts with the deceased individual’s assets.
What Assets Are Classified as Non-Probate?
There are some assets and types of property that may classify as non-probate, which means that these assets can go directly to your beneficiaries without being taken through the time-consuming probate process. For instance, assets that are jointly owned with your spouse or another individual through the standard rights of survivorship will be able to avoid the probate process. The same is true for life estates and living trusts. Any assets like IRA’s, life insurance policies, and annuities can be given directly to beneficiaries.
What to Consider When Planning Your Estate
While avoiding probate can be beneficial, there are times when your assets could go to people you don’t want them to. For instance, if you have a joint account at your bank with your spouse but want the assets to be given to your children, the account will go directly to your spouse. An estate planning lawyer in Las Vegas may help craft an estate plan to ensure your wishes are carried out.