While tending to your estate, you learn about probate. From what you understand, you want your assets to avoid probate so your loved ones receive their inheritance as quickly as possible.
See what AARP says about making assets easily distributable. Ensure you do everything you can to protect your estate and legacy.
Update your financial accounts
Have you experienced a major life event such as a marriage, divorce or the birth of a baby? If so, review all your financial policies to make sure they match your most current desires. You may want to either add or remove a beneficiary. By neglecting to keep accounts current, a probate court may question who you intend to receive your assets. This process may drag on, all while your intended beneficiaries go without the assets you wanted them to inherit.
List beneficiaries
For every policy and account you have, such as a retirement account and life insurance policy, name beneficiaries whom you wish to inherit your assets or death benefit. Policies with listed living beneficiaries sail right past probate to their intended destination. With this tip, make sure you list an actual beneficiary rather than your estate, as any possessions and assets funneled through your estate land in probate court.
Team up with experienced professionals
Probate court does not operate the same way across the U.S. Consult with legal and financial professionals in California well-experienced in probate court and estate planning. That way, you receive personalized advice about how to protect your estate and assets.
Not all assets qualify for probate. For those that do, learn how to get them into your beneficiaries’ hands as smoothly as possible.