Two Ways To Avoid Probate
Probate is a court process where a judge decides who the deceased person’s property will be distributed to. Of course if there are legal documents, such as a will, the court has to consider those documents, your wishes and the laws surrounding them. Probate can turn out to be a lengthy process. First your case needs to get set on the court’s calendar, which in itself can take weeks. Then there are the matters of gathering the will and any other documents that the deceased may have put into an estate plan, determining if they are authentic and if the now deceased person was of sound mind when the documents were created. If there are no documents such as a will, the judge will then determine, according to local law, which family members will receive what. Of course no one gets anything until the deceased bills, taxes, and other debts, are paid by his estate. Needless to say, people like to avoid probate if they can. In this article, Ian Filippini and Filippini Wealth Management will briefly discuss two ways that all, or some of your estate can avoid probate.
According to Ian Filippini and Filippini Wealth Management., creating a revocable living trust is a way to stay out of probate court. Ian Filippini says that this type of trust cannot be considered part of your estate that is eligible for probate. Ian Filippini and Filippini Wealth Management say that the trustee technically owns the property within the trust. There can be instructions within the trust on who the trustee is to disperse the property to, asserts Ian Filippini.
Another popular way to avoid probate is to create payable on death accounts. Ian Filippini and Filippini Wealth Management say that this is a very easy process where you simply fill out a form and name a beneficiary to receive any monies in those accounts.
Ian Filippini and Filippini Wealth Management are located in the Santa Barbara area. Ian Filippini Santa Barbara and Filippini Wealth Management take the necessary time to accomplish their clients goals and wishes. Filippini Wealth Management. was originally founded by Ian Filippini’s late father, Alfred Filippini. Ian Filippini’s brother, Alex Filippini, has also worked for Filippini Wealth Management Ian Filippini’s mother also lives in the Santa Barbara area.
Ian Filippini is not an attorney and is not licensed to practice law. Filippini Wealth Management not licensed to practice law and is not a law firm. Consult a licensed attorney or law firm with any legal concerns or questions you may have. This article is not to be used as legal advice.