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Probate is the formal legal process that gives recognition to a will and appoints the executor or personal representative who will administer the estate and distribute assets to the intended beneficiaries. The laws of each state vary, so it is a good idea to consult an attorney to determine whether a probate proceeding is necessary, whether the ...
- Living Trust
- Joint Ownership
- Pay-On-Death (POD) Accounts
- Transfer-On-Death (TOD) Accounts
- Life Insurance
- Retirement Accounts
- Gifts
In a living trust, you appoint a trustee to manage your assets for the benefit of designated beneficiaries. Should you pass away, the trustee distributes the assets held in this trust directly to your beneficiaries, eliminating the need for probate.
When two or more people own an asset together with the “right of survivorship,” it means upon the death of one owner, the surviving owner(s) automatically inherit the deceased owner’s share without going through probate. There are several types of joint ownership: 1. Joint Tenancy with Rights of Survivorship (JTWROS).Here, if one owner passes away,...
POD accounts are a type of bank account that has a named beneficiary. Upon your death, the designated beneficiary can claim the assets held in the account directly.
TOD accounts are similar to POD but for securities, such as stocks, bonds and mutual funds. The designated beneficiary inherits the securities in the brokerage accounts without probate.
By designating a person or entity as the beneficiary of your life insurance policy, the death benefit will bypass probate and go directly to them. The only exception is if you outlive the designated beneficiary or if the estate is named as the beneficiary, as this would send the proceeds through probate.
IRA, 401(k) and other retirement accounts allow you to name beneficiaries. Upon your death, these assets gets transferred directly to the beneficiaries without passing through probate.
One easy way to avoid probate is to give away assets, while you’re still alive. However, be aware of potential tax implications. In 2023, you can give up to $17,000 in money or property to a single person without owing gift taxes. An estate planning lawyer can help you identify ways to facilitate the transfer of most or all of your property outside...
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Trust and estate attorneys also handle the administration of estates. Attorneys confer with members of a decedent’s family on the various issues, including: • Assistance to the executor with the preparation of the required probate documents and assist in valuation of estate assets • Making insurance claims
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Sep 19, 2023 · Probate attorneys assist as much or as little as needed during the probate process. The probate process includes paying the deceased person's debts and distributing the estate's assets. The distribution must occur according to the will or state law.
May 7, 2024 · This guide explains what is probate in law, when it's required, and the steps involved before beneficiaries can receive their inheritance. We also highlight factors that may slow down the process and common estate planning strategies a person can use to avoid probate law.
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