When someone passes away, their assets often have to go through the probate process. This is how the court and the family handle the final affairs of the decedent and distribute inheritances to any beneficiaries. This process can take a while, sometimes more than a year, but there are ways to simplify the process or make sure that certain assets don’t need to go through it. A Woodland Hills probate attorney can tell you which properties don’t have to go through probate and help you set up your estate plan in a way that minimizes how much time, money, and energy needs to be spent on this process.
Do Assets With Multiple Owners Go Through the Probate Process?
When assets have multiple owners, they don’t need to go through probate. A good example of this is a piece of real estate that you and your spouse jointly own. If one of you passes away, it just passes on to the remaining person on the deed. If you want certain properties or similar assets to get passed down to a specific person without the need for an extended probate process, you can make sure that they are a joint owner now.
What Happens to Assets in a Trust During the Probate Process?
When you set up a living trust and fund it, you can help your family avoid the probate process completely. Assets in a trust don’t need to go through probate. Just remember to actually put things in your trust. Some people forget this step and leave a bunch of their belongings out of the trust. If you do this, anything that you left out will have to go through probate.
What Happens to Assets With Designated Beneficiaries?
Some assets allow you to choose a beneficiary. Insurance policies and certain types of bank and retirement accounts are good examples of this. When you pass away, these assets pass on to your chosen beneficiaries, no probate needed.
The only potential complication is if a beneficiary passes away before you do. Then the probate process would decide who receives that particular asset. This is why it’s important to update important documents from time to time.
Can an Estate Plan Help My Family Avoid the Probate Process?
Properly planning for your eventual passing can help your family avoid an extended probate process. An estate planning lawyer from our firm can help you take advantage of specific tools, like trusts, and help you find the best ways to safeguard your assets until they can be transferred to your heirs.
Schedule Your Consultation Today
If you want to learn more about how an estate plan can benefit you, contact the Law Offices of Yacoba Ann Feldman. Schedule a consultation with our team and we’ll see if a trust or other estate planning tools are the right fit for you and your heirs.
