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PROBATE DOES NOT HAVE TO BE SCARY

avoid probate

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Many people share a common belief that probate should be avoided at all costs, so instead of hiring an attorney to come up with an estate plan they devise their own schemes. For example, most people know that if two people are on a real estate deed as joint tenants, when one person passes away the entire property automatically passes to the surviving joint tenant. As a result of this knowledge, some people will make the mistake of adding their children as joint tenants in their home.

Adding children to to your property as joint tenants might work out in some cases. However, what might happen if your children have debts they cannot pay? You might find yourself involved in costly litigation to keep your children’s creditors from making a claim against your home. This litigation could be a lot more time-consuming and costly than probate. If your children owe money to a government agency, it’s almost guaranteed to be more expensive than probate.

Experienced estate planning attorneys have many methods of ensuring that your property passes to the people you want it to. Sometimes, those methods will include probate as a necessity. However, an attorney can and will plan your estate and draft the appropriate documents in a way that makes the probate process as painless for your heirs as possible. Probate only needs to be scary if you don’t have an experienced estate attorney working for you.

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If you’re not careful, life insurance (and other beneficiary designation assets) can become a probate asset. And, that’s not good.

Beneficiary designation assets are contracts wherein you have the opportunity to name an individual(s) or trust(s) to receive your assets when you die. Beneficiary designations assets include life insurance, retirement accounts, and annuities. Some bank accounts have beneficiaries, as well.

Beneficiary designation assets usually avoid probate. And, that’s a good thing.

Probate is a big hassle and everyone and anyone can know your business with a trip to the courthouse or a click online. This means that predators and nosey neighbors, friends, and relatives can look up what assets you owned at your death, what debts you owed at your death, who your beneficiaries were, and who your executor was.

Why is publicity a bad thing? Most folks like to keep their financial and family business private. In addition, predators such as greedy relatives and friends and conmen such as unscrupulous clergy, financial advisors, and charities may inundate your beneficiaries with requests.

In addition, probate is expensive, time consuming, and a hassle. It is to be avoided. You can easily keep your life insurance (and other beneficiary designation assets) from going through probate.

The key is to name an individual(s) or trust(s) as the beneficiary of your life insurance. If you name your estate as the beneficiary or fail to name a beneficiary at all, the assets will flow into your estate. If the assets are in your estate, probate is triggered.

Be sure to review your beneficiary designations now and each time you have your estate plan professionally reviewed. Reviews are necessary every three to five years.

If you have questions about how to fill out your beneficiary designation form for your life insurance, consult with a qualified estate planning attorney.

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JOIN US FOR A FREE WORKSHOP THIS WEEKEND TO LEARN THE FOLLOWING:

Elder Law and Medicaid Planning

Medicaid needs arise when you least expect them. Americans are living longer than before. At the turn of the 20th century, life expectancy was about 47 years. In the 21st Century, life expectancy has doubled. As a result, we face more challenges and transitions in our lives than those who came before us.

PROTECT your life savings.
INCREASE the amount of income of keep.�
AVOID losing your home.
REDUCE or ELIMINATE your nursing home bills and long term care costs.
LEARN about Veteran’s Benefits.

Wills, Trust and Estate Planning

We know you want to pass your wealth to whom you want, when you want, the way you want, at the time of your death. If done correctly, a Estate Plan can help minimize estate taxes for a married couple and allow a trusted person to take over your care and finances during incapacity.

PROTECT your family.
AVOID probate delays and expenses.
SAVE estate taxes. Give your money to your family.
PRESERVE money for children or charitable causes.

Join us at our FREE Workshop this weekend. Our experienced attorneys will give you the information you need.

To register for the seminar, call our office at (718) 793-7000 , or register online!

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Many people know that they want to avoid probate, but don’t understand the benefits of doing so. “Probate” is a process in which a court validates a will. In addition, the entire process of administering an estate is called a probate.

Probate can be an expensive and long process, so if you are like most people, you will want to avoid it.

Jointly Owned Property

Jointly owned property avoids probate. An example of this is when a married couple owns a home together. With jointly owned property, there is no need for probate because the property is automatically transferred to the other owner once someone dies.

It is important to speak with an estate planning attorney to decide if joint ownership is a good idea for your personal situation.

The Revocable Living Trust

Many people use the revocable living trust to avoid probate. This makes the trust become the main focus of an estate plan instead of the will.

In order to avoid probate, it is imperative that your revocable living trust be fully funded.

This means that your assets will be in the name of your trust.

Gifts

A great way to avoid probate is by making sure property is not yours when you die.

However, make sure that you only gift things that you do not need.

It can be a great experience to see your loved ones enjoy your gifts during your lifetime.

If you give away more than $13,000 per year per individual, you will be required to file a gift tax return. Married couples are able to gift up to $26,000 per year.

Contract Property

Another way to avoid probate is by naming an individual as a beneficiary of your contract assets. This includes retirement accounts and life insurance, payment on death (POD) accounts, and transfer on death (TOD) accounts.

If you name your estate, probate is required.

It is important to speak with an estate planning attorney to decide if POD or TOD accounts are a good idea for your personal situation.

If you have questions about the probate process and how to avoid probate, consult a qualified probate attorney. He will professionally guide your throughout the entire process.