When people die, their estates usually need to go through probate to settle their debts, locate beneficiaries, and settle any taxes they may owe. This can be frustrating for their families, as probate can take several weeks, and they cannot receive any money until the estates have been settled. Fortunately, when planning your estate, a probate lawyer in Loves Park, IL can give advice about how to avoid probate.
Create a Living Trust
One of the best ways to avoid having your estate go through probate is to put your assets in a living trust. A trust lawyer from the law firm Hampilos & Associates, Ltd, which is close to Loves Park, can tell you how a living trust works. Then, they can help you name someone as the trustee to make sure your family gets the assets they need right away.
Designate Beneficiaries
On bank accounts, retirement funds like 401ks, or life insurance, you should also name beneficiaries in case something happens to you. A probate lawyer will advise you to name family members as your beneficiaries so that they can receive funds from your accounts right away instead of the funds going to your estate.
Joint Tenancy
A probate lawyer may advise you to place property into a joint tenancy with survivorship rights with your spouse. This is a good way to make sure that the property stays out of probate, but if the joint owner remarries and later gets a divorce, a divorce lawyer can make a claim on the property on behalf of their client.
When you have an estate planning lawyer draw up a will, make sure to protect your family by avoiding putting your property and monetary assets through probate. This will ensure that they are taken care of financially by letting them access the money they need to live on.
