A death of a loved one has a lot of psychological and emotional impacts on the bereaved family members that are hard to overcome.But there are times when the death also starts a feud among the members of the family.One of the most common disputes after a loss is the distribution of properties and other assets.It can get even worse if there is no Last Will and Testament involved.In this scenario, an attorney may come into the picture.
A probate or estate attorney is a lawyer who takes charge of the filing of the last will and testament.You can also seek his assistance to create one so you can somehow provide a security to avoid conflicts among your family once you pass away. On the other hand, a probate is a legal procedure that requires the court to manage the distribution and transfer of your assets and properties to your beneficiaries.
A probate can be very time-consuming and may cost a lot of money not to mention the emotional distress that your loved ones may go through.And so, here are the things that you may do to avoid it:
TRANSFER YOUR PROPERTY
Transferring your property before you die is the best way to avoid probate procedure in the future.
Joint ownership with survivor rights is possible so that if one of the partners dies, the title of the properties passes automatically to the other one who can manage them.
MAKE A LAST WILL AND TESTAMENT
The presence of the last will and testament does not totally scratches out the need for a probate process, but it will make it much easier, and it will help save a lot of money especially if you have a large number of properties.
There are two types of living trusts, revocable and irrevocable.A revocable living trust entails the transfer of the title from your name to the trust’s name, but you have the right to revoke it anytime if you feel like it is needed. You still have the full power over the assets while you are alive.And upon your death, the trustee will then take charge and make sure that the properties are distributed to your beneficiaries accordingly.
PAY-ON-DEATH FINANCIAL ACCOUNTS
This is somewhat the same with the living trusts.But with this, you can designate your beneficiaries directly.They will only gain access to the accounts upon your death.