There are three primary disadvantages of the probate process: time, money and emotional stress. One of the main reasons for estate planning is to ensure your assets are designated correctly so that they pass on to your heir(s) automatically, allowing an estate to avoid probate.
Some common examples of assets that are not subject to probate include:
- A life insurance policy or annuity payable to a specific recipient
- A joint bank account or investment account that includes right of survivorship
- Real property titled as “joint tenants with right of survivorship”
- Property owned jointly by spouses as “tenants by the entirety”
- Assets placed into a revocable living trust or an irrevocable trust
- Assets removed from an estate via lifetime gifts or qualifying trusts
- Accounts designated as “payable on death” or “transfer on death”
Smart estate planning, including the use of a living trust, can help your heirs avoid the
time and expense of probate and ensure they inherit the funds you intend for them to receive in a timely manner.
An attorney experienced in wills, trusts, estate planning and asset protection can help you avoid the time and expense of probate through careful estate planning.
Ted Hankin, probate and estate planning attorney provides California residents with personal attention for estate planning, administration and litigation legal services. When disputes between your family occurs, Mr. Hankin is successful in resolving such legal estate issues quickly and efficiently while preserving your financial and emotional resources. Contact Ted Hankin at http://www.TedHankin.com Temecula office. Free initial consultation.
Temecula Probate, Trust & Estate Planning Attorneys 