Avoiding probate – how to ensure your home and assets pass to the right people.

The passing of a loved one is a difficult and emotional time. But, there are ways to alleviate some of the stress and confusion that comes with the distribution of assets. Probate – a legal process of transferring assets after death – can be time-consuming and costly. Here are some strategies to help your loved ones avoid probate and ensure your home and assets pass to the right people. 

Establish a living trust

One way to avoid probate is to establish a living trust. A living trust is a legal document that allows you to transfer your assets to the trust during your lifetime. You maintain control over your assets and can change the trust as needed. Upon your passing, the assets will be transferred to your beneficiaries without going through probate. 

Name a beneficiary

The probate process applies to accounts and properties left in your name at the time of your death. By naming a beneficiary, you bypass the probate process, allowing your loved ones to access the assets more quickly and efficiently. 

Joint ownership

Joint ownership of assets, like your home or bank account, allows the surviving owner to automatically assume ownership upon your passing without going through probate. However, be cautious with this method, as joint ownership can have potential risks and tax implications. 

The best thing to do is to speak with an attorney to get your assets in order. They can provide you with the most updated information and recommendations to support a smooth passing of assets in the case of your death or the death of a loved one. Taking proactive steps can provide peace of mind for you and your loved ones during a challenging time.