You may think that you have all of your ducks in a row so you can leave your loved ones with only peaceful memories, but if you make all arrangements now and live another 15 - 20 years, for example, there are a lot of things that could change. When a will is old or there have been a lot of changes between the time it was made and your passing, your children will have to seek the aid of a probate administration before they can collect anything that you have left behind.
While probate laws can make sure everyone is treated fairly, they can be a hassle to wade through and time consuming to deal with. Here are a few things you should do to ensure your children will not be left dealing with probate court when you are gone.
Consider Joint Property Ownerships
The car that you drive may be your daughter's favorite thing and you want to make sure she gets it once you are gone. If the car is still in your name when you pass away, your daughter could have a very hard time getting the car without going through probate court first, even if you have it clearly outlined in a will. To make the process much simpler, you can simply add a family member on to your property as a joint owner. This same rule will apply to your home as well.
Update Your Beneficiaries with Every Life Event
Too many people hold policies and accounts, such as insurance policies or retirement accounts, and never change their beneficiaries. This behavior means that if something happens to you long after you initially designate beneficiaries and your circumstances have changed, there may be no way to know who should rightly get your money. For example, if you hold an investment account with your spouse as the primary beneficiary and they pass away before you, when you are gone, even secondary beneficiaries listed may have to go through probate to get what you have left behind. To avoid this problem, simply update your beneficiaries with every new change or on a set schedule through the year.
If there is one thing that you do not want to leave behind when you leave this earth it is a burden to your children. This is why most aging adults start looking at serious concerns, such as life insurance, pre-planning a funeral, and making a will once they hit a certain age. Make sure that you help your loved ones avoid even further issues by enabling them to skip probate proceedings altogether by making the right choices with these prior arrangements. Visit davis2.com to learn more.Share
9 July 2015
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