Settling of personal and financial affairs of a dead person is called probate, and can be managed by experienced lawyers to represent the party in court. People avoid this process because it takes up several months and even years to get over it, and the greater the time, the greater the cost. This will leave the heirs with lesser amount of money than initially allocated by the deceased.
You can opt for four different ways, other than probate, to settle the property between heirs or any other beneficiaries. These comprise of; Death Beneficiaries, Joint Property Ownership, Gifts, and Revocable Living Trusts.
You can appoint a death beneficiary through different financial assets and instruments. After your death, the owner of these properties will be the death beneficiary you selected and it will not remain the part of your estate; hence you will be able to avoid the process of probates completely. Following financial resources can be utilized which will permit you to carry this out:
- Retirement Accounts
- Transfer on Death Registrations
- Payable on Death (POD) Accounts