Ensure Your Estate Manages the Probate Process Properly
Many people make the grand mistake of failing to plan their estate which leaves their family to deal with the fall out that ensues. With a little effort, you can ensure that your estate escapes the probate process.
Ensuring your hard-earned properties and assets are received well by your beneficiaries is important. There’s a considerable amount of pride in providing for your family and catering to their every wish even after passing. In fact, solicitors from Townsville note that most people work especially hard to spare their families financial hardships.
Probate is a procedure through which assets are legally passed from the deceased to his or her heirs or beneficiaries. This could be good or bad depending on the circumstances since the probate process costs quite a fortune.
Unfortunately, many people tend to drop the ball when it really counts – when they meet their demise. The lasting thing you want is for your estate to go to probate after you pass away as it subjects your family to untold suffering. Luckily, you can avoid this process altogether by taking timely proactive steps.
Create a living trust
If you are not comfortable with the idea of issuing your heirs with their inheritances while you are still alive, it’s best to establish a living trust. In addition to making it easy to administer your estate, a trust boasts several benefits. It gives you a greater say in the process.
If you are not confident about your heirs’ ability to manage the money, you can customise the trust to meet their needs without depreciating your wealth. Again, a trust lets you protect your assets from creditors, which keeps your inheritors well provided for.
Create joint ownership accounts
Adding your spouse or children to a bank or investment account, or a property deed helps your estate to avoid probate. In the cases of property, you must ensure that you issue the rights of survivorship. That way the beneficiaries can obtain the property while avoiding the probate process.
Avoiding probate could be good for your grieving family as the process can prove to be lengthy and costly. It involves all manner of lengthy paperwork and legal fees that can take quite a chunk out of your estate.
The last thing you want after walking hard to accumulate wealth your entire life is to lose a chunk of it while passing it to your survivors. With proper planning, you can avoid the process. Or effectively manage through the probate process with objective lawyers.