You can avoid probate by creating a living trust. It’s an alternative to a will, and upon your death, instead of distributing your assets through a last will and testament, your assets will be in trust already and managed by a trustee for the beneficiaries. There will be no need for probate since all of the assets have already been discussed and accounted for.
Another way to avoid probate outside of a trust is putting beneficiaries on retirements, bank accounts, insurance policies, 401(k) plans, and stock bonds. If you don’t list the beneficiary, it becomes part of your estate, and if you have a will, it will be probated. This can also cause tax implications and other hindrances depending on where the assets are or where the deceased person lives. You will typically see named beneficiaries on 401(k)s and IRAs and other types of accounts to avoid potential issues. It can get very costly and confusing when certain accounts with no named beneficiaries get rolled into your estate instead of just paid out directly to your heirs.
How Often Do You Recommend That People Review Or Update Their Estate Planning Documents?
If there are any significant life changes, you want to review your estate plan documents and consider seeking an attorney’s guidance if your plan needs any modification. Examples of this may include divorce, death of a beneficiary, or sale of real estate. It is best to be proactive in a situation if anything has made you reconsider your current estate plan.
For more information on Estate Planning Law In Florida, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (904) 316-2527 today.
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