3 ways to make sure your heirs avoid the anguish of probate

by | Jan 19, 2024 | Stock Market

This article is reprinted by permission from NextAvenue.org. Many of us have experienced the devastating grief of losing a partner or parent. That grief can be magnified when we need to handle the settling of the estate. This may have been easier for a surviving spouse, if all assets were held jointly. But if you had to settle the estate of a parent, you may have experienced the time, expense and stress of probate, which is the legal process for settling an estate.

To make sure your heirs have it easier, consider using some tools that help them legally avoid probate, but still receive their inheritance. Here are three good options:1. Make a will — and keep it updated A will contains the wishes of the deceased person, including how to distribute assets, who will be the beneficiaries, who will be in charge of selling and distributing assets (an executor) and burial directives. “Without a will, the state essentially writes a will for you, determining who will inherit from you and in what shares, whether you would like it or not,” says Jennifer B. Cona, the founder and managing partner of Cona Elder Law in Melville, New York.

There has been a lot of buzz around life insurance on social media recently. But is that something you should consider? And at what age? ln this episode we break down everything you need to know about life insurance and wills.

For these reasons, a will is the bare minimum component of your estate plan. Attorneys can help you write your will; there are even free and low-cost online platforms where you can create one yourself. Your will should contain a list of all …

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[mwai_chat context=”Let’s have a discussion about this article:nnThis article is reprinted by permission from NextAvenue.org. Many of us have experienced the devastating grief of losing a partner or parent. That grief can be magnified when we need to handle the settling of the estate. This may have been easier for a surviving spouse, if all assets were held jointly. But if you had to settle the estate of a parent, you may have experienced the time, expense and stress of probate, which is the legal process for settling an estate.

To make sure your heirs have it easier, consider using some tools that help them legally avoid probate, but still receive their inheritance. Here are three good options:1. Make a will — and keep it updated A will contains the wishes of the deceased person, including how to distribute assets, who will be the beneficiaries, who will be in charge of selling and distributing assets (an executor) and burial directives. “Without a will, the state essentially writes a will for you, determining who will inherit from you and in what shares, whether you would like it or not,” says Jennifer B. Cona, the founder and managing partner of Cona Elder Law in Melville, New York.

There has been a lot of buzz around life insurance on social media recently. But is that something you should consider? And at what age? ln this episode we break down everything you need to know about life insurance and wills.

For these reasons, a will is the bare minimum component of your estate plan. Attorneys can help you write your will; there are even free and low-cost online platforms where you can create one yourself. Your will should contain a list of all …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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