AVOID PROBATE WITH ESTATE PLANNING
Avoid probate to keep your business affairs private and out of the courts. Save your loved ones time and money by passing along your assets outside of probate. Most assets can be transferred outside of the probate court if properly planned in advance with a skilled estate planning attorney. The types of assets that may avoid probate include bank accounts, investment accounts, retirement accounts, life insurance proceeds, some personal property and even real estate.
WILLS
Through a properly drafted will, you, the testator, dictate who gets your property instead of the government deciding for you. Your will directs your personal representative (executor) how to distribute your assets after your passing. The downside of a will is that it must go through the probate court which can be time consuming, expensive and often times leads to family squabbles after your passing. However, having a will as a back up in the event assets slip through the cracks of your overall estate plan is most prudent.
TRUSTS
A trust can be a useful tool to maintain your privacy, avoid probate and guardianship (for minor children) and keep some measure of control over your assets even years after your own passing. There are many different types of trusts. Some can be employed to protect assets from creditors using legally binding spendthrift provisions, some to provide income to your loved ones long after you are gone, some to provide for education for your children.