Looking for ways to save money? Avoid probate.
Probate, the legal process for settling a deceased person's estate, can be a nightmare even for those acquainted with the law. The process takes eighteen months on average, and much longer if administrative mishaps occur or family members fight. It can also be expensive with attorney's fees and court costs eating up substantial shares of the estate.
For these reasons, many people prefer to avoid probate altogether. Here are the most popular estate-planning strategies for doing this:
Owning Property Jointly
Naming a Beneficiary on Retirement Funds
Naming a Beneficiary on a Life Insurance Policy
Opening "Payable on Death" Accounts
Creating "Transfer-on-Death" Registrations for Securities and Vehicles
Creating "Transfer-on-Death" Real Estate Deeds
Writing a Living Trust
Giving Outright Gifts
Using Simplified "Non-Probate" Alternatives
Full Article and Source:
Avoid Probate To Save Time and Money
HALT—An Organization of Americans for Legal Reform
1612 K St NW Suite 510
Washington, DC 20006
Probate, the legal process for settling a deceased person's estate, can be a nightmare even for those acquainted with the law. The process takes eighteen months on average, and much longer if administrative mishaps occur or family members fight. It can also be expensive with attorney's fees and court costs eating up substantial shares of the estate.
For these reasons, many people prefer to avoid probate altogether. Here are the most popular estate-planning strategies for doing this:
Owning Property Jointly
Naming a Beneficiary on Retirement Funds
Naming a Beneficiary on a Life Insurance Policy
Opening "Payable on Death" Accounts
Creating "Transfer-on-Death" Registrations for Securities and Vehicles
Creating "Transfer-on-Death" Real Estate Deeds
Writing a Living Trust
Giving Outright Gifts
Using Simplified "Non-Probate" Alternatives
Full Article and Source:
Avoid Probate To Save Time and Money
HALT—An Organization of Americans for Legal Reform
1612 K St NW Suite 510
Washington, DC 20006
202-887-8255
Visit HALT at www.halt.org
Visit HALT at www.halt.org
5 comments:
This is very good information. We guardainship victims know nothing is etched in stone no matter how well we plan, but these strategies make it harder for greedy guardians/conservators and that's a good thing.
Do NOT expect a Trust to resolve probate problems. They are easy to abuse, difficult to discover and an invitation for trouble.
A Bank & Trust implies protections but there are NONE.
TRUSTS are very risky with no oversight and regulation.
The only true power and control over one's assets is to spend your money now or give it away while while you are still alive.
I think HALT does a good job of laying out the options and you Anonymous folks are right, a person can't expect a trust to stand, but then again any legal document isn't worth the paper its written on if guardianship is the objective.
The basic sentiment of the article is right, though. Avoiding probate is the best way to save money.
It's just that probate sometimes doesn't avoid decent people. And when that happens, their goose is cooked.
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