2 Things You Can Do Now To Avoid Your Loved One's Going Through Probate
Probate is a process where you have to go through the court systems in order to ensure the proper dispersal of property after a loved one dies. The court system focuses first on paying down debt, and then the remaining property is distributed according to a will or according to inheritance laws. The probate process can be expensive and costly, and it takes time as well. There are things you can do now though to ensure that your estate doesn't go through probate.
1. Establish Joint Ownership of Property
The first thing that you can do is establish joint ownership of your property. This will make both you and the person who you intend to inherit the property joint owners of the property right now. Keep in mind that by making someone else a joint owner of your property, you are then involving them in all future decisions about selling those items or financing those items.
Joint ownership can be established for a wide variety of different types of properties. This can be down for cars, boats, recreational vehicles, homes, business, and land. Just make sure that the other party understands the implications of joint ownership while you are still alive.
2. Establish Joint Ownership of Financial Accounts
Next, you can establish joint ownership of financial accounts. There are a few different ways you can do this. You can add the person who you want to inherit your money onto the account. Keep in mind though that this means that they will then be able to access and use that money right now.
If you don't want to share ownership right now, you can set up your financial accounts to have rights of ownership. With rights of ownership, when you die, ownership will then be passed along to the intended individual. This allows you full control over your finances right now, but ensures that when you pass, it will not be complicated for your intended heir to take over the accounts. This is often the most ideal situation, as it will help your financial accounts avoid going through probate and ensure that the right person is given access to your money.
There are steps you can take now to ensure that your estate doesn't go through probate. You can establish joint ownership of property and financial accounts with the individual who you intend to pass on those properties and interest to. You can also set up beneficiaries for your financial accounts, so ownership is passed on in death. For more information, contact a company like Souders Law Group.