Top Estate Planning Attorney Dennis Toman founder of The Elderlaw Firm in Greensboro, NC reveals essential steps to speed up the process to conclude an estate plan. For more information please visit https://www.elderlawfirm.com
Greensboro, NC United States - December 23, 2022 —
Probate can take several months, sometimes even years, to resolve, but there are ways to quicken the process to conclude an estate plan efficiently, advised Elder Law Specialist Dennis Toman.
For more information please visit https://www.elderlawfirm.com
Probate is the legal process that kicks in when a person dies, and their property must be distributed after death. However, a will is not enough to avoid probate as it must go through this process. But planning ahead and structuring the estate can enable all or most of the assets to be passed to a loved one without probate.
Mr Toman, Founder of The Elderlaw Firm, Greensboro, NC, said anyone looking to cut short the probate process should seek legal advice from a specialist attorney in this field to be ultimately abreast of the issues. “Probate can also incur costs that will be drained from the estate. So seeking advice is key in this matter.”
He added that a living trust is a common option that enables owners to retain control of their assets during their lifetime, with the assets passing to a trust’s nominated beneficiary at the time of death. This trust is called revocable, as you can revoke it at any time.
The likes of retirement accounts avoid probate, while life insurance and annuities are passed to beneficiaries named in the documents on a person’s death. None require the involvement of a probate process.
Mr Toman said a person could give away property during their lifetime by making their estate smaller and avoiding probate. This, however, he warns, can be difficult as they are essentially giving up any benefit from those holdings, and they would lose all access and control, too.
“Joint accounts and joint titles also can avoid probate,” he added. “Couples can own assets jointly, so a surviving partner will automatically inherit the full title after the other person has passed.”
But for non-spouses – such as a parent and child – holding a joint title poses risks for the parent that extend beyond probate concerns and should not be done without first consulting an experienced estate planning attorney.
Some states allow transfers of bank accounts on death directly to a beneficiary without going through probate. These are also known as transfer on death (TOD) provisions.
Mr Toman commented that while avoiding probate is a desire for most people, there are pros and cons that an attorney would be able to address. “Understanding the impacts and potential drawbacks are just as important as wanting to structure an estate that helps avoid probate. Be cautious and get advice before making any final decisions.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Dennis Toman
Email: Send Email
Organization: The Elderlaw Firm
Address: 403 W Fisher Ave, Greensboro, NC 27401
Phone: 336-378-1122
Website: https://www.elderlawfirm.com
Release ID: 89086980
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