Administration and Probate

Everyone hates probate. Someone dies, someone else goes to court, and, after delays and expenses the assets are distributed. Why go through this unnecessary time and expense?

Probate assets include house, cars, bank accounts, timeshares, mineral interests, rental property and certified securities. Most banks and title companies will NOT allow transfer of these assets without a “letter” issued by the probate court.

On the other hand , non probate assets transfer immediately. All you need is a death certificate. No lawyer, no probate , no delays.

There are 3 simple ways to create non probate assets. First,, a single owner can list out a beneficiary. Examples are for life insurance, IRAs, brokerage accounts and internet bank accounts. Second, an account can be set up as joint ownership with right of survivorship. Each owner must agree and no owner can be removed without every other owner’s consent. This is a easy way to do things but has many pitfalls.
Third a Revocable Intervivos Trust, aka, Living Trust may be set up. Under this arrangement all your assets are owned by the trust which never dies until you say that it dies ( ends or terminates). You still have full access to all the assets. Thus there is NO need for Living or Death Probate since you do not have any assets in your name.

All of these methods can work. My favorite is a Living Trust for anyone with over $100,000 in assets. Get the book, “The Loving Trust” by Esperti and Peterson for a great down to earth explanation of all 3 above listed methods.

Watch my new FREE webinar, How To Double Your Social Security Benefits While Reducing Your Taxes By 80% In Retirement, take advantage of the free offer at the end.

Check out our other blog, the Wealthy Future Blog, to learn all the principles of Missed Fortune, as outlined by best-selling author, Doug Andrew. The articles, audio and video programs will provide information which you will find both enlightening and empowering!

You can also visit our website at Founders Group to learn more about how we can help you optimize your assets or provide you with any financial advice.

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