How to Transfer Your Assets at Death WITHOUT the Need for Probate

For many people, the term “estate” conjures up images of a palatial southern manor… or a gated Texas ranch. True, but more commonly, an estate consists of ordinary assets – personal property, bank accounts, maybe a house or investment account – not large and fancy and expensive, but assets nonetheless that an individual or couple worked a lifetime to achieve.

You have probably given at least an ounce of thought as to who would inherit your assets – your estate – when you pass away. This might be your spouse or your children, or maybe a charity. Fewer people, however, have thought about how they will get these assets to their loved ones when they pass away.

It is important to understand how property can transfer at death. If you are relying on a will to transfer your assets, a probate proceeding will be necessary. This will require one of your loved ones to initiate a court action that will take upwards of a year to complete. It will involve significant expense, time, responsibility and potential liability on the part of a loved one.

If this is not something you want to leave your family to deal with, there is good news! Proper planning can eliminate the need for a probate proceeding upon your death. A revocable living trust that is created and funded during your lifetime will allow your assets to pass quickly and inexpensively upon your death outside of probate. With this type of planning, your grieving loved ones will be given the time to do just that, grieve.

If you are interested in learning more about how to efficiently transfer your assets at death, please contact us today.