No one wants to think about dying. However, it is something that needs to be addressed. This is particularly true when it comes to wills and estates. If you don't have a will, you need to take care of that as soon as possible. You might not realize this, but without a will, your estate goes right into probate as soon as you pass away. Probate courts are so filled with cases that it can take years for an estate to make it through the court system. That means all your assets will be tied up in legal red tape until the process is completed. Unfortunately, your loved ones won't be able to touch any of your assets during that time. To make sure that your loved ones aren't left with devastating financial problems after you pass away, you're going to need thorough estate planning. Here are three important steps that can help protect your loved ones after you pass.
1. You're Going to Need an Attorney
You may have heard of people who have taken care of their estate planning without an attorney. If you want to make sure that your loved ones are protected, you're going to need an attorney. Estate planning can be confusing. One wrong move could spell disaster for your loved ones. To avoid those problems, sit down with an estate planning attorney as soon as possible. They'll help you avoid mistakes that could spell disaster for your loved ones.
2. Your Will Should be Detailed
When it comes to writing a will, you need to make sure that it's as detailed as possible. You don't want to leave anything up to interpretation. Lay everything out in black and white, including how you want all of your assets and belongings to be divided. The more detailed your will is, the less chances that it will end up in probate court. When writing your will, be sure to assign specific beneficiaries to all your belongings. This should include full names of each person who will be receiving specific items.
3. You Can Prevent Probate with a Living Trust
When it comes to your estate, it's important to note that some of your assets will require more than the assigning of a beneficiary. In fact, some of your assets will not be able to be assigned a beneficiary, such as bank accounts and houses. For those items, you'll need a living trust. With a living trust, you'll be able to assign a transfer of ownership to your bank accounts and houses. One of the benefits of a living trust is that they are not subject to the probate process, which means your loved ones will have immediate access to those items.
Don't leave your estate to chance. Sit down with an estate planning attorney as soon as possible. They can help you unwind the confusing red tape associated your estate.