Probate too can be long, cumbersome, and expensive on the estate.
You can avoid probate by utilizing one of the following methods:
- Having beneficiaries listed on bank accounts, retirement accounts, life insurance and brokerage accounts.
- Owning property with rights of survivorship.
- Creating a trust to hold some or all of your assets
If a trust is properly set up and you transfer your assets while you are alive, then you can avoid probate on the assets that are in the trust.
The best plan of action to ensure that very few assets go through probate is to consult an attorney who knows how to title assets to protect them from creditors properly, while still allowing the assets to avoid probate.
Yes, You Can Lose Everything!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!