The 3 Ways to Prevent Probate
Grieving the loss of a loved one can be an emotionally draining process for anyone. Then, having to manage the property of the person who passed can add to the difficulty. To help avoid your family from having to spend the energy, time, and money associated with probate, it’s essential to consider contacting a lawyer for support and guidance.
Avoiding probate is possible, but only with adequate time and planning. Work with your lawyer to make preparations, so you can save on costs for estate administration while reducing the stress on loved ones, who won’t feel up for dealing with a frustrating legal process.
Create a Living Trust
The best way to avoid probate is to write a living trust. What a living trust does is act like an alternative to a last will. But unlike a will, which distributes assets to those you choose upon your passing, a living trust puts your assets into a trust which then can be managed by a trustee for beneficiary benefit. A trust allows you to avoid the cost of having a will probated.
Name Beneficiaries on Bank Accounts and Retirement
Request and complete payable upon death forms that your bank or brokerage company can provide you. If you have a spouse, some of these accounts may automatically be partially owned by them. But if you fill out these forms, you are ensuring that the proceeds get dispersed right away without having to go through probate, which spares both time and expense.
Hold Property Jointly with Another Person
Another way to keep real estate out of the probate process is to consider having joint property. If you or a significant other are considering buying a home, or you already have a house you own, owning jointly allows the property to go to your partner without the disruption of probate.
For more information about how to avoid probate or get help with a probate-related issue, contact a probate lawyer Des Moines, IA from The Law Group of Iowa today.