When you pass away, many of your assets will have to go through the probate process. Not every asset needs to go through this process though. Plus, a Rockland County estate planning lawyer can tell you how to make a plan that minimizes the effect of the probate process and makes it easier to pass down your assets to your heirs.
Which Assets Won’t Have to Go Through the Probate Process?
Most assets need to go through the probate process, even if you have a will and have made plans for what happens to your assets after you pass away. Some things don’t get involved in this process though. Notable exceptions include:
Jointly owned assets: If you are not the only owner of a piece of property or home, then the other person on the deed inherits the asset automatically once you pass away. Probate is unnecessary. A good example of this is if you own a home with your spouse. If one of you passes away, the other one automatically becomes sole owner.
Anything with a beneficiary: Life insurance policies and some types of accounts allow you to choose a beneficiary. If you name your first-born son the beneficiary of a retirement account, that can be passed down to him when you pass away without going through probate first.
Anything in a trust: If you set up a living trust and fund it, any of the assets you’ve placed inside that trust will not have to go through probate.
Should I Set Up a Trust to Avoid the Probate Process?
Setting up a trust can be a good idea if you have a significant amount of assets to pass down and you don’t want your family to deal with an extended probate process. Just make sure that you also fund your trust, since any assets left out of it will have to be addressed by the court.
Do I Really Need an Estate Plan?
When you pass away without an estate plan or a will, just about everything that you own has to go through the probate process. Accounts with beneficiaries or jointly owned assets can go to the right people, but everything else will get passed down in accordance with state law.
This means that you do not control which family member gets the remainder of your estate. It also means that you cannot split up your assets to leave specific assets or belongings for specific heirs. You have no control over this process if you don’t make an estate plan of your own.
Contact Our Estate Planning Lawyers
So if you’re ready to make an estate plan of your own, contact the Lauterbach Law Firm. Every estate is different, but our lawyers will work with you to make a plan that works for you, your assets, and your beneficiaries. Take the time to plan for the future and make things easier for your loved ones.
