Have you ever wondered how you can structure your financial and property affairs so your family can avoid the legal and financial hassles of a lengthy probate after you die?
In my earlier videos, I shared with you why having a Will, life insurance, retirement, and even a living trust may not help you avoid probate when you die.
- Contrary to popular belief, a Will REQUIRES a probate in order to pass along your assets.
- A Living Trust only avoids probate if your trust OWNS your assets.
- Life insurance policies and retirement plans only avoid probate if your beneficiary designations are current.
So, how can you ensure that NO PROBATE will be required for YOUR income and assets?
By making sure that for every financial account, piece of property, and any other asset you own, is either jointly owned with someone else, has a current beneficiary associated with it, or is owned by a trust.
Although more expensive to establish, a living trust is an all-in-one flexible probate avoidance solution when it’s properly funded and maintained.
There are other ways to avoid probate too, however, such as the proper use of beneficiary forms and joint ownership of property. Although such methods are not as flexible as a living trust, they might still fit the bill in meeting your planning goals.
The key is working with an estate planning professional to ensure that all of your planning goals are met in the most flexible, economic way possible.
Of course that’s what we specialize in at My Pink Lawyer for our Florida clients!
To learn more about avoiding probate, download our free book on avoiding the most common estate planning mistakes by clicking below!