Probate can result in added expenses and delays when settling an estate. This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing four ways to avoid the probate process:
Probate is the process of proving the validity of a will and supervising the administration of an estate, usually in the probate court. State law governs the proceedings in the probate court, so the process can vary from state to state. Supervising the administration of an estate can result in additional expense, unwanted publicity, and delays in the distribution of estate assets for a year or longer, which is why planning to avoid the probate process may be beneficial.
There are several ways assets transfer on death directly from the decedent/owner to others without probate. The following are some of the more common ways:
Create a Living Trust
A revocable living trust is a separate legal entity that can be set up to hold assets. You can transfer most assets to a living trust while you’re alive and have complete access to and control of those assets during your lifetime. You can also direct who is to receive assets held in trust upon your death.
The use of trusts involves a complex web of tax rules and regulations, and usually involves upfront costs and ongoing administrative fees. You should consider the counsel of an experienced estate planning professional before…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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