16 WAYS TO AVOID PROBATE
Disclaimer: Each state has its own probate laws. The following general information is not a substitute for legal, financial, or tax advice from your own advisors.
Are you concerned about the lengthy and financially burdensome probate process? Probate court proceedings can be cumbersome, often taking months or even years to resolve, adding stress to an already difficult time for family members. However, there are effective strategies to bypass probate and ensure a smoother transition of assets upon death. Assets held solely in your name, without designated beneficiaries or joint owners, will be distributed through one of the following legal processes: HOW SOLELY OWNED ASSETS ARE DISTRIBUTED AFTER DEATH
Probate
Intestacy
If you have a valid Will or Codicil, your estate will be administered by an Executor appointed by the court.
If you do not have a Will, your estate will be managed by an Administrator. In this case, state law determines who inherits your assets. These heirs, known as “distributees,” are assigned as follows: • If you have children but no spouse, your children inherit everything. • If you have living parents but no spouse or children, your parents inherit everything. • If you have siblings but no spouse, children, or parents, your siblings inherit everything.
PAGE 63
Powered by FlippingBook