Fortunately, there is a way to avoid such asset loss through effective estate planning with tools such as a living trust with protective language.
How to avoid the loss of your assets?
By setting up a living trust and placing all of your assets into the trust, you can avoid the probate process altogether. Probating a Will can be extremely stressful for your family members, as it is a timely and expensive process that involves numerous trips to the probate court, court fees, and various other costs associated with administration of the estate.
Benefits of setting up a trust
Administering a decedent’s assets through a funded trust would eliminate the need for a probate inventory, accountings, court-appointed appraisals, and numerous other documents and processes needed to probate a Will. Furthermore, your named beneficiaries would not have to wait until probate of your Will was complete in order to access your funds. Upon your death, those trust assets would be immediately transferrable to your named beneficiaries–meaning that your beneficiaries can access your bank accounts and other assets in order to use those funds towards your estate’s debts and obligations.
Effective estate planning is crucial in ensuring that your loved ones are taken care of after you pass and do not have to deal with substantial financial burdens when dealing with administration, management, and distribution of your assets.
Invitation from Springdale Law Group
Springdale Law Group is one of a few law firms that ensure the well-being and financial future of yourself and your family by assisting in drafting, reviewing, and finalizing your estate plan. As a comprehensive estate planning firm, we are proud to provide this essential service to individuals. Our team is fluent in English, Chinese, and Spanish and can assist with wealth management and estate planning in all 50 states. Don’t leave your own future to chance. Let us help you make a plan that provides you with peace of mind before it’s too late.