Probate is the court-supervised administration of your estate or will after you die. The probate process involves many steps that take time and involves probate fees as well. All of this can cause a big headache for your grieving family, so it’s no wonder many Las Vegas residents want to avoid probate.
Luckily, if you take the right steps during estate planning, you can plan for the distribution of your estate and still avoid probate in Las Vegas. Here’s how.
Work With An Experienced Estate Planning Attorney
The first step in avoiding probate in Las Vegas is to work with a knowledgeable estate planning attorney. They can examine your unique situation and discuss your options for avoiding probate. Together, you can decide what makes the most sense for you and your family. Your attorney can also assist your loved ones if they have questions or concerns about the distribution of your estate after you pass away.
Avoid Probate In Las Vegas With A Living Trust
If you create a last will and testament to distribute your assets after death, it will still be subject to probate and probate fees. Instead, you can establish a living trust. A living trust puts your estate “in trust” and names a trustee to manage it. Because your assets have already been “distributed” into the trust, probate is unnecessary. Upon your death, the trustee distributes your assets to your designated beneficiaries without going through the courts.
Name Beneficiaries On Your Financial Accounts
If you’re worried about family members not having access to money upon your death, be sure to name them as beneficiaries on your various financial accounts. These “payable on death” accounts include
- Bank accounts
- Life insurance policies
- 401K plans
- IRA accounts
- Pension plans
- Stocks and bonds
Take the time to request and fill out your financial institutions’ payable-on-death forms. The people you name on the forms will receive those assets immediately after your passing without going through probate. You’ll save them a lot of frustration and ensure they have the necessary funds.
Designate Joint Ownerships
Another option for avoiding probate in Las Vegas is to hold property jointly. Joint property is legally owned by more than one person. When you die, that property automatically goes to the other owner(s) without going through probate. This most often applies to real estate. If you want a loved one to inherit your house or vacation property, you might consider designating them as joint owners now so that the property does not go through probate later.
Talk To The Attorneys At Williams Starbuck To Learn More About Avoiding Probate In Las Vegas
You want the best for your family now and after you’re gone. The experienced attorneys at Williams Starbuck can help. We’ll discuss your options for avoiding probate and draw up the legal documents when you have a plan. Get started today by calling us at 1-720-660-9847 or send us a message to schedule a free consultation.