The word “probate” can often spark concern, but with the right understanding and proactive planning, you can make estate administration smoother and less daunting for your loved ones. Probate covers the entire process of managing and distributing a deceased person’s assets, which can be time-consuming, expensive, and involve public exploration of the details of an estate. “Avoiding probate” means reducing court involvement, which can save time, money, and unnecessary stress for your loved ones.
How can you avoid probate?
Avoiding probate is easier than you might think with a comprehensive estate plan. Here are two primary tools that can help:
- Trusts: A trust allows you to transfer ownership of your assets to a trustee during your lifetime. This ensures your assets are managed and distributed according to your wishes without going through probate.
- Beneficiary Designations: Many accounts, such as life insurance policies, retirement accounts, and bank accounts, allow you to name beneficiaries. Upon your passing, these assets transfer directly to the named beneficiaries without involving probate. To centralize asset management, you might consider naming your trust as a beneficiary.
By implementing these strategies, you can significantly reduce the number of assets subject to probate, simplifying the estate administration process for your loved ones.
Start planning today.
Avoiding probate is one of the most thoughtful ways to reduce the burden on your loved ones during a challenging time. Whether you’re establishing a trust, updating beneficiary designations, or considering other strategies, taking action now is crucial.
At Friedman, Grimes, Meinken & Leischner PLLC, our experienced attorneys can guide you through the estate planning process, helping you create a plan tailored to your unique needs. Contact us today to get started.
