TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
One of the goals many have for estate planning is avoiding probate, the legal process that ‘settles’ the estate of a deceased person. Not only can probate be time consuming, but it can involve fees and appearances. There is a tried and true estate planning tool that is used to avoid probate, and you may have already done it and didn’t even realize it. How your property is titled, the form of … [Read more...] about Does your Form of Property Ownership Avoid Probate?
Going through the probate process can be very frustrating for the loved ones you leave behind after your death. Although you can do things to try to make the process easier by having a valid will, the probate process can still be very long and drawn out. For this reason, many people opt to create a joint tenancy situation as a way of avoiding probate. A joint tenancy simply means that someone … [Read more...] about Avoiding Probate Due to Joint Tenancy
When you’re the co-owner of property, one of the simplest ways to ensure that the property avoids probate at your death is to hold title as Joint Tenants With Rights of Survivorship. When one owner passes away, property held in this way automatically passes to the surviving owner or owners. The transfer is not subject to probate, and it’s not controlled by your Will or other estate planning … [Read more...] about The Pros and Cons of Joint Tenancy
When James was in college, his father was generous enough to buy him a home. James and his dad took title to the home as Joint Tenants With Rights of Survivorship. A few years later, James met Ellen, and they got married. James’ house was more than big enough for the two of them, and it was in a great location, so they decided that they would keep his house and live there. Worried about … [Read more...] about Which Wins Out: Your Deed or Your Will?