Ultimately, it’s not always possible to completely avoid probate. Utilizing powers of attorney is yet another way to avoid the need for probate court involvement. Without a power of attorney in place, these responsibilities would fall to your next of kin or to the courts – neither of which may be prepared to act in your best interest. If you become incapacitated and can no longer make decisions for yourself, having a power of attorney for both healthcare and finances will ensure that someone you trust can make decisions on your behalf. You must meet certain requirements in order to qualify as a small estate – contact estate planning attorney expert Paul Margerie at Margerie Law with questions about this process. This process allows you to transfer property directly to the heirs without going through a court proceeding. If your total assets are worth less than $100,000, you may be able to avoid probate by using the small estates process. Property that can be jointly owned includes bank accounts, real estate, and vehicles. When you die, that person will automatically inherit the jointly-owned property as sole owner. Joint Property OwnershipĪnother way to avoid probate is by owning property jointly with another person. You can also register a transfer-on-death deed for stocks and bonds. beneficiary deed) and leave your property to someone specific upon your death. Transfer-on-Death Deedsįor real estate holdings, you have the option to record a transfer-on-death deed (a.k.a. Again, this helps to avoid probate because the money goes directly to your beneficiary without having to go through the court system. This is someone who will receive the funds in the bank account when you die. When talking specifically about bank accounts, you can also name a “payable-on-death” beneficiary. You can also title assets jointly with your spouse or another loved one to avoid probate. For example, you can name your spouse as the beneficiary of your life insurance policy or retirement account. In addition to, or instead of, creating a living trust, you can name beneficiaries on specific assets to help those assets avoid probate. Learn more about creating a living trust in Milwaukee. You will also name a secondary trustee who will manage and distribute these assets upon your death. You will initially name yourself the trustee of the assets contained in your trust. To create a living trust, work with your estate planning lawyer. The trust becomes the owner of your assets, and your beneficiaries will receive them from the trust after you die. Create a Living TrustĪ living trust is a document that allows you to transfer assets without going through probate. Read on for my top tips for how to manage and avoid probate. At Margerie Law, I help individuals and families navigate probate, wills, trusts, and all other elements of estate planning. I’m Milwaukee Estate Planning Attorney Paul Margerie. However, there are estate planning strategies you can use to help your family reduce the hassle of probate…or avoid it entirely. However, even if you do create a will, your family and other beneficiaries will have to endure a sometimes lengthy court process called probate before they receive the asset you’ve left to them. Creating a will is the most well-known way to do this, as you use this document to name a guardian for minor children and dictate what should happen to your assets. Estate planning is all about putting plans in place to support your family after your death.
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