3 Ways How to Avoid Probate – Springdale Estate Planning Attorney
Here are 3 ways how to avoid probate:
First, have nothing left. This is a great plan except you don’t know when your last day is. If it happens before you have spent everything, then your family faces probate. And it’s not your rules, it’s the state’s rules from their default estate plan. Too many people rely on this as their only plan not realizing the state has a plan waiting for their family.
Second, use a beneficiary based plan. This plan depends on setting up your accounts and real estate to avoid probate using methods available on all of your accounts, investments, and real estate. This type of estate planning is to avoid probate. It does nothing to protect your children’s inheritance. However, if anything is forgotten, it goes to probate.
Third of 3 ways how to avoid probate is to use a revocable living trust. This type of trust allows you to have full control of your property during your lifetime. Then later the next trustee must follow the rules you left. Depending on the level of protection and control, this ranges from simple to complex. These trusts can be setup to protect your children from themselves, creditors, financial predators, and more. You get to decide who gets what, when, how, and how much and under the conditions and rules.
Remember, you are not obligated to create an estate plan; as long as you like the one the government provides for you, your family, your home, and your life savings. Without a plan, your family is forced to use the state’s plan for what you had. A Judge gets to decide who gets what, when, how, and how much – not you. You May Not Like The “Default Plan” The Government Already Has for You and Your Family.
Without a plan, families are often thrown into chaos when an unforeseen accident, medical incident, or death happens.
With a plan, your affairs are in order. You get to decide who gets what, when, how, and how much!
With a plan, you can control what happens instead of letting chaos control.