Avoiding the probate process may be desirable both for the person who has passed away and for the person’s heirs. It does not have to be a difficult process, as it is easy to ensure your assets are going straight to your heirs while avoiding probate. Here are several ways you can avoid the probate process.
For some people without children, estate planning may not seem necessary. In some cases, people might also think that estate planning is only for the wealthy, and may not apply to them. It may also seem like a stressful endeavor not worth undertaking with no obvious heirs, such as children.
For a single person, estate planning may be the last thing on their mind. For that reason, estate planning for a single person can sometimes be challenging. There are many decisions that need to be made, and it is often easier not to think about it, especially if you are single. However, having an estate plan in place can reduce stress for survivors of the single person, and give the single person peace of mind, knowing that things will be taken care of.
End of life planning is never pleasant, but putting some effort into it now can save yourself and your family many headaches down the road. If you have decided to start end of life planning, you may be surprised at how many options there are, and overwhelmed as to what options are best for you. Today, we will discuss life estates and when you will need one.
These days, it is not unusual to be part of a blended family. Parents get divorced, and when they remarry, they may be bringing their new spouse’s children into the relationship. There may also be property purchases made or other assets attained in the new marriage.
Despite the best laid plans, things happen in
life, and it doesn’t always go the way we plan. That is often the case when a
married couple splits up, and separates. Despite the best intentions, it is
sometimes unavoidable, and while the emotional and financial fallout can take a
lot of energy, it may be worth looking at how these life changes may impact
your estate planning.
Owning your property with another person is called
a joint tenancy. While there are certain benefits to owning a property this
way, there are also certain drawbacks. In most cases, a joint tenancy boils
down to the property’s right of survivorship. If one owner were to pass away,
the other owner would take full control of the property. The co-owners of the
property all have a right to use and enjoy the property.
Trusts can play an important role in estate
planning for several reasons. If you are looking into estate planning, or are starting
the process, it is important to understand what a trust can do for you, and the
different types of trusts available. As with anything to do with estate
planning, an experienced estate planning attorney at the Mattar Firm who deals
in these matters will be able to assist you, and make sure you’re making the
decisions best for you.
We all value our ability to make
choices and determine our own outcomes when it comes to financial and health
matters. However, there may come a time for each of us when we are unable to
make these decisions.
After someone dies, their estate enters
probate, which is the court-supervised process in which the deceased’s assets
are distributed to bill collectors, taxes, and inheritors. While it’s
court-supervised, the court usually won’t get too involved, unless there is
fighting among family over the estate, or creditors have issues.