After the death of an individual, their estate is distributed according to the wishes they stated in their will. Probate is a court-supervised process that analyses the will they left behind and ensures that it is valid before being enforced. In case the person does not leave behind a will, or it is deemed invalid, the probate process helps identify their assets and distributes them according to the state intestacy laws.
Probate is a legally complex and time-consuming procedure. It is best to consult a probate estate administration in Ridgeland for guidance if you are the beneficiary or executor of the estate of a deceased individual. However, many people plan their estate in a manner to avoid probate entirely. It allows them to keep their finances private and ensure that the court does not interfere in their wishes.
How can you avoid probate?
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Living trusts.
A person, known as the trustor, creates a trust in which they give a person, known as the trustee, the right to hold the property for the eventual beneficiary’s benefit. These are often preferred over wills because they help avoid the extensive probate process. When the trustor dies, the assets are distributed to the designated beneficiary as specified in the trust agreement instead of undergoing probate.
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Gifting.
Gifting is a common method chosen by individuals to avoid probate and heavy taxes. They simply give away their property to chosen beneficiaries as a gift. Since they are no longer the owner, the property does not undergo the probate process. This helps ensure that your property is quickly transferred to the right person while saving on expensive probate and attorney fees.
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Payable-on-Death Bank Accounts.
When you create a payable-on-death bank account, the entire sum of money deposited in the account is directly inherited by the designated beneficiary. Creating such an account is simple, and the probate court does not get involved in it. Beneficiaries only need to show the deceased’s death certificate and appropriate identification. The account creator also has complete control over this account during its lifespan, making it a popular estate planning tool.
Every person is worried about the state of their family after their death. They take every measure to ensure that the future of their loved ones is secure. Estate planning enables you to plan the distribution of your estate so that your family members do not have to undergo the stressful probate process.
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