Estate Planning and Trusts Steps for Beginners

https://estatenavigator101.com - When planning your estate, it's important to understand how different assets are handled upon your passing. Assets such as real estate, stocks, and business interests are often considered "probate assets." If these assets are held in your name, they typically require a lengthy and expensive probate process, where a court and attorneys are involved, before your heirs can access them.

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However, many individuals also own non-probate assets, like life insurance policies and retirement accounts, which pass directly to designated beneficiaries without the need for court intervention or legal proceedings.

Establishing a living trust is an effective way to avoid the probate process. A living trust allows you to transfer your probate assets into the trust, ensuring they are distributed according to your wishes after your death. With a revocable living trust, you can name a trustee to manage the trust assets and designate beneficiaries who will receive them. Importantly, assets titled in the name of your trust will bypass probate, providing a smoother and more private transfer of your estate, saving both time and money for your heirs.

If you are considering starting a trust, it's crucial to consult with an experienced estate planning attorney to ensure the proper structuring and transfer of your assets to minimize probate and maximize your family's inheritance.

*This post is for informational purposes only and does not provide legal advice. Do not act or refrain from acting based on any content on this YouTube page.