There are two primary disadvantages of the probate process: time and money. A primary purpose of estate planning is making sure your assets are designated correctly so that they pass 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.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, we are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0041.