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Probating an estate is an expensive, time-consuming and sometimes adversarial affair. It is possible, and sometimes advisable, to avoid probate.With the help of an estate planner and, perhaps, an ...
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust, such as property or investments you own.
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the state where the deceased resided at the time of their death.
As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust: for example, a house or money from ...
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
But you should know that certain assets don't have to be included in your will — and therefore subject to probate — because you're allowed to designate a beneficiary. Say you have $50,000 in a ...
In addition to the more typical disclaimer under wills, an individual may also be able to disclaim his interest as the beneficiary of a life insurance policy or employee benefit plans. It may also apply to concurrent interests in real property that automatically transfer after death by operation of law rather than by the rules of inheritance ...
The probate process ensures that assets go where they should but can take over a year and incur fees. ... well as non-probate assets like life insurance and 401(k)s with beneficiaries also avoid ...