You may have read about "probate avoidance," or you may have personal experience with a court case for a loved one's estate. Taking care of a person's assets after an untimely death can be its own kind of trauma as you are still busy processing grief. Whether or not you have a Will, it is important to consider the time and effort your family will spend to settle transfer your assets.
What It Is and How to Avoid It
Probate is a legal process that is used to distribute the assets of a deceased person. It puts a judge in charge of distributing the person's assets, whether or not they died with a Will in place. It can be a time-consuming and expensive process, which is why many people choose to avoid probate altogether. There are a number of ways to avoid probate in Kansas, including:
Living trusts: A living trust is a legal document that allows you to name a trustee to manage your assets after you die. The trustee will then distribute the assets according to the terms of the trust, without the need for probate.
Joint tenancy: Joint tenancy with right of survivorship is a form of ownership that allows you to own property with another person. When one joint tenant dies, the surviving joint tenant automatically owns the property. This means that the property does not go through probate.
Payable-on-death (POD) accounts: A POD account is a bank account that is set up so that the funds in the account are payable to a specific person upon your death. This means that the funds do not go through probate.
Transfer-on-death (TOD) deeds: A TOD deed is a deed that is set up so that the property is transferred to a specific person upon your death. This means that the property does not go through probate.
Beneficiary designations: Many financial assets and policies allow you to name a beneficiary to receive the assets after death. You can even name a living trust as the beneficiary so that your trustee can distribute the assets accordingly.
It is important to note that there are some assets that cannot avoid probate. However, by using one or more of the methods described above, you can significantly reduce the amount of assets that will need to go through probate, thereby reducing the overall cost and time involved.
If you are interested in avoiding probate in Kansas, you should speak with an estate planning attorney. An attorney can help you create a plan that is right for you and your family.
Benefits of Avoiding Probate
There are a number of benefits to avoiding probate, including:
Speed: Probate can be a time-consuming process. By avoiding probate, you can speed up the process of distributing your assets to your loved ones.
Cost: Probate can be expensive. By avoiding probate, you can save money on court fees and attorney's fees.
Privacy: Probate is a public process. By avoiding probate, you can keep the details of your estate private.
Conclusion
Murphy's Law LLC's mission is to help clients understand probate avoidance, and to send as few estates as possible through the process. If you are concerned about the time, cost, and privacy of probate, consider avoiding probate altogether. There are a number of ways to avoid probate in Kansas, and as an estate planning attorney I can help you create a plan that is right for you and your family.
This post was drafted with assistance from Bard, an AI solution from Google.