There are many reasons why you may be interested in avoiding probate. To avoid probate, you must make an estate plan well in advance of the time that you pass away. After your death, it will be too late for your family to avoid probate and they will need to go through the probate process. [ ] The post Top 4 Benefits to Avoiding Probate appeared first on Nirenstein, Horowitz & Associates P.C..
You may come across mention of the term probate avoidance if you are poking around looking for estate planning information. This can make you wonder if avoiding probate is really necessary. Let s look at the facts, and you can make the final decision. Court Involvement Probate is a legal process, and it takes place under the supervision of a court. There are certain types of asset transfers that would not be subject to the probate process, so assets can sometimes be transferred outside of probate even if there was no particular intention to avoid it. Property that is held in joint tenancy can be transferred outside of probate, and life insurance proceeds would not be subject to the probate process. If you have a bank or a brokerage account, you could add a beneficiary. This is called a payable on death or transfer on death account. Assets in this type of account could be transferred to the beneficiary after your passing outside of probate. The property that would be subject to the pro