Probate can be a lengthy process, especially if disputes arise among the various beneficiaries. It’s also stressful and can cost a significant amount in legal fees if dragged on for months. The probate law team at Ganim, Ganim & Ganim, P.C., in Bridgeport, CT, explain that there are various estate planning strategies you can employ to help your family avoid the rigmarole after you pass.
Below, they discuss the various kinds of property that are exempt from the process:
Assets Placed in a Trust
If you place assets in a living trust, they will not have to go through the probate process after you pass. It is important to understand the advantages and drawbacks of creating a trust before you opt to include one in your estate plan, though, because they have certain limitations that could affect your financial situation while you are still alive.
Assets That Require Designated Beneficiaries
When you purchase a life insurance policy, you must designate a beneficiary. You can also assign them to retirement accounts. As long as you establish a legitimate recipient when you are still alive, these kinds of assets do not have to go through the probate process after you pass, and your beneficiaries will gain access to them almost immediately.
Assets That Are Payable or Transferable on Death
Much like retirement accounts, you can designate beneficiaries on bank and brokerage accounts as well. Those that are payable or transferable upon death do not have to go through the probate process if you take the steps to name a beneficiary while you are still alive.
If you want to learn more about probate law, turn to the knowledgeable professionals at Ganim, Ganim & Ganim, P.C. From real estate planning to drafting wills, they provide quality counsel and personalized solutions to all their clients. Discover more about the team and firm by visiting their website, and call (203) 372-7772 to schedule an initial consultation with a compassionate probate law attorney today.