When you think about creating an estate plan, it is because you know it is an important way to care for your family. Having a plan in place to help ease their pain in the wake of your passing is essential.
Our law firm takes pride in keeping you aware of the tools available to help your family move on after you die. There is a chance that some or all of your assets may bypass probate proceedings. Familiarize yourself with some of the ways your family may receive money sooner in the wake of your passing.
Assets held in common with others
Your will should contain an accounting of your assets, including things like bank accounts, retirement accounts and property. Some of these accounts, if held in just your name, may have to go through the probate process. However, some exceptions may pay out to your family directly, giving them access to money they may need. A bank account, piece of property or jointly-held accounts may pass directly to the other party.
Assets with a designated beneficiary
Some financial tools and resources direct you to name a beneficiary who inherits the money upon your death. Life insurance policies, retirement accounts and trusts are examples of this type of asset. Since these accounts require a beneficiary, the contents within go directly to the person you indicate. Note that you cannot name additional or different beneficiaries for these assets in your will. The funds pass to the recipient of record with the account holder.
While the will may have to go through some measure of probate, having assets that bypass the process is a benefit to your family. Take a look at some of the other ways to handle the estate administration process by following this link.