After a person passes away, their estate is conceded to their spouse or immediate family. The financial affairs of the individual must be settled and the last thing you want is for the court to step in. The estate is placed into probate while existing expenses are paid, and the property is allocated to the beneficiaries. If the court system oversees the estate, it can be a time-consuming process that can consume a good portion of the estate. Nevertheless, a probate attorney in Sacramento can help avoid your estate going into probate by providing the services and legal advice you require to ensure your assets are dispersed quickly. Plus, there are steps you can take now to make sure the right beneficiary receives your estate.
- You can gift the property to the individual before you pass away.
- Life insurance policies do not go into probate, by purchasing life insurance and assigning a beneficiary you can ensure they receive the money you want them to have.
- Any tangible property should be made joint tenancy, so the surviving party receives your part of the property.
- A probate attorney in Moline IL can assist you in establishing a living trust that legally documents who will receive your estate.
- Another option is to choose a pay-on-death beneficiary for any bank accounts, stocks or other financial property.