Which Kinds of Assets Won’t Need to Go Through the Probate Process?
Some types of assets don’t have to go through this process because it’s already clear who they should belong to or because someone has used estate planning tools to their advantage. Some items that don’t need to go through probate include:
Jointly owned assets: If you and your spouse are both on the deed to a home and you pass away, your spouse becomes the sole owner of that home immediately. There’s no need for probate to determine what happens to an asset owned by two people if one of them dies.
Accounts with beneficiaries: Some assets allow you to name a beneficiary. Retirement accounts and insurance policies are good examples. Upon your death, the assets will be transferred right to the beneficiary you named.
Assets in a trust: If you set up a living trust and move your assets into it, they won’t have to go through probate.
What Does the Probate Process Look Like If I Don’t Have a Will?
If you don’t have a will or any kind of estate plan set up, everything without a clear beneficiary or a co-owner is going to have to go through the probate process. This can take a while and it will cost your family money in court fees. Your assets will be passed down in accordance with state law, but this means that they might not necessarily go to who you want them to go to.
This is why it’s a good idea to make some kind of estate plan. Even if you don’t want to go to the trouble of setting up a trust, having a will at least ensures that you can choose who will get to inherit your assets after they have gone through probate.
What Happens to Personal Property?
Personal property without a deed or title can end up going through the probate process. This can include items like:
- Family heirlooms
- Appliances
- Furniture
- Electronics
- Collectibles
- Jewelry
- Clothing
It doesn’t have to be this way. These items can also be put in a trust! Your estate planning attorney can help you create a transfer document that places these items in a trust and avoids the need for probate. This can make it easier to leave specific items behind for your children, grandchildren, and other loved ones.
Contact Our Law Firm Today
If you want to learn more about how an estate plan can make things easier for you and your family, contact Herting Law, PLLC. We’’ll help you make a plan and protect your assets.
