To take proper care of your loved ones after you die, you devise a plan for your estate and assets. But, how do you ensure they receive their assets sooner and avoid the probate process?
AARP offers tips for keeping your estate out of probate court as much as possible. Learn how to avoid legal red tape and provide for the most important people in your life.
Update your financial accounts
After a marriage, divorce, birth or death, it is important to update your investments, policies and other financial accounts with listed beneficiaries. You must ensure your accounts reflect your most current desires regarding contingent and primary heirs and beneficiaries.
Make a list of all your current policies and accounts, then check that you list beneficiaries for each one. Specifically, retirement, life insurance policies and other non-probate assets must list a beneficiary to avoid probate court. Furthermore, these accounts must list an individual as the beneficiary.
Work with professionals
The way probate and estate law work in Florida may differ in other states. Consult with financial professionals experienced in helping people navigate the probate and estate planning process. You must understand how your situation and circumstances affect probate and your estate. That way, you make decisions that offer the most benefit to you and your beneficiaries, and you understand which choices save the most time, money and energy.
Proper planning and the right information may help you experience serenity regarding your estate. While you may fail to keep every asset out of probate court, you may take steps to speed up or avoid the process.