Main Options for Avoiding the Probate Process
When you die, your assets and overall estate will be sent to your beneficiaries if you’ve created a will. However, it’s possible for these assets to be placed in a probate process before this occurs, which can lessen the amount of assets that are available for beneficiaries. If you want to be able to reduce the amount of your assets that will be sent through probate after you pass away, there are a variety of options that will help you do so.
What Is Probate?
Probate is a court-supervised process that involves the distribution of a person’s estate once they die. The probate process is designed to ascertain what the wishes of the deceased are while also distributing any property and paying off any incurred debts. An executor of the will and trust will overlook the probate process, which begins with an authentication of the will. The property and assets will then be inventoried, which is followed by the identification of any beneficiaries and heirs. Before the property is distributed to beneficiaries, the debts and taxes that the deceased still owed will be paid.
What Are Probate Exemptions?
One way to avoid probate is to do so through a probate exemption, which is possible for smaller estates that only have a certain amount of assets in them. In California, estates that are worth less than $100,000 don’t need to be taken through the probate process, which allows beneficiaries and heirs to receive the property immediately.
What Are Primary Options for Avoiding Probate?
If your estate is higher than $100,000, there are several ways to avoid probate. For instance, you could create a living trust, which transfers property and assets over to another individual until the original owner dies. The property is then provided to beneficiaries without going through the probate process. Other options include naming beneficiaries to certain accounts or entering into a joint tenancy. If you have yet to take the necessary steps to avoid this unwanted process, a probate attorney in Las Vegas should be able to assist you in doing so.
