In the event of your passing, your property may face probate, which is the court-supervised process of windup up your personal and financial affairs. During this time, a representative is appointed and charged with the duty of collecting your assets, paying your bills, and distributing property to the proper heirs. This process can be stressful and expensive for your remaining loved ones and oftentimes unnecessary. Below are a few tips to ensure that your estate stays out of probate and your family out of court, according to Orange County probate litigation attorney, many of which include listing a tansfer on death beneficiary (TOD), or a pay on death beneficiary (POD).
- Be prepared to pass all property outside of your estate at death.
- Make a trip to the Bureau of Motor Vehicles (BMV).
- Name a TOD or POD on your checking and savings accounts.
- List a TOD or POD on any annuities, retirement savings, CDs, or other investments that you have.
- Call an attorney to discuss your options for naming a TOD on any real property that you own.
- Create a Revocable Living Trust.
There are many reasons that you’ll want to avoid probate in the event of your passing, which will benefit your loved ones left behind. Firstly, it can take weeks, or oftentimes months, for your loved ones to gain access to any cash. A probate judge can also get in the way, as their approval is needed to sell businesse, repairing estate, etc. Avoiding probate avoids interference in family and financial matters by a probate judge. Probate also comes with a large amount of fees that your family will have to pay, among other fees that come with the event of your passing. Probate records are also available to the public so by avoiding probate, you are able to keep family and financial matters private.
Learn more about creating a will and trust in order to avoid probate by contacting Catanese & Wells, an experienced Orange County probate litigation attorney.