Probate Nightmares Simplified
(FinancialHealth.net) â Nobody wants to think about whatâll happen to their family after they die. Itâs vital that they plan for it, though, and spare their loved ones the headaches that result from a messy probate.
Here are some steps you can take now to make it easier for your family later:
- Write a current will. Roughly 60% of American adults havenât taken this step. If youâre one of these people, your heirs will pay more fees to close your estate.
- Make sure your will was written in your home state to avoid a slow process or a ruling that itâs invalid.
- Add a beneficiary or beneficiaries to all retirement accounts.
- Complete Paid on Death (POD) and Transfer on Death (TOD) forms to make sure your heirs receive the money in your bank and investment accounts.
- Check your life insurance policy and verify itâs up to date.
If youâd like to avoid probate entirely, you can set up a revocable trust (also known as a living trust). If itâs done correctly, all your assets will pass through it when you pass away.
Be sure that you consult an estate planner. These lawyers understand the intricacies of the law and will ensure everything is correct. Donât put it off; a properly planned estate is the best gift you can give your family.
~Hereâs to Your Financial Health!
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