Transcript

Things to do before you die…to Avoid Probate

BUCKET LIST THINGS TO DO VISIT ITALY COT CLIMB MT. EVE BEFORE YOU DIE.. 0OSKYDIUIN AVOID PROBATE! TO AVOID PROBATE NEARLY HALF OF AMERICAN'S DO NOT HAVE A WILL.. .Putting the future of their families and loved ones at risk. LAST WILL & ESTAMENT 71% 41% of adults under the age of 36 do not have a Will of Baby Boomers do not have a Will WHY IS IT IMPORTANT TO HAVE A WILL? Without a Will, your loved ones may not receive the assets you wish to leave them in the event of your death; And if you haven’t appointed a gaurdian for your children or pets, then... ..the courts will end up deciding who will receive your valuables and who will raise your loved ones. WHAT IS A PROBATE? A probate is a legal process that takes place after someone dies. It includes: Debt Identifying & inventorying the deceased Paying debts and taxes. Having the Proving in court that a deceased Distributing the remaining property person's Will is valid. appraised. property as the Will directs. person's property. HOW PROBATE WORKS: After your death, the person you chose as your executor in your Will files papers in the local probate You pass away. The executor Relatives & proves the validity of your Will and presents creditors are officially notified of your death. If you die without a Will, the judge will appoint an executor for you. the court with a list of your assets and who is going to get them. court. HOW TO AVOID PROBATE The best way to avoid a probate is with an Estate Plan. An Estate Plan will help ensure that all of your property passes outside of your estate, directly to a... Beneficiary LAW Property that lists a transfer on death beneficiary (TOD), or a pay on death beneficiary (POD), passes directly to the named beneficiary. Hiring a Lawyer to put together and execute your Estate Plan will help ensure that the directions in your Will are properly followed. BANK An Estate Plan often covers the following: BMV Naming a TOD on each of your vehicles. Naming a TOD or POD on your checking & savings accounts. LIVING TRUST AAAAAAAAAAAAAAAAAAAA Listing a TOD or POD on any annuities, retirement savings, CDs, or other investments that you have. Creating a Revocable Living Trust. Upon your death, a successor Trus- tee of your choice owns the property and distrib- utes it according to your wishes outlined in the Trust. Ensuring that a guardian has been appointed to your children and/or pets. DANA L FRM ESTATE PLANNING. ESTATE LITIGATION & PROBATE SERVING ARIZONA SINCE 1984 Sources: http://www.theroyl.com/planning-rest-of-life/legal/your-living-will/ http://usatoday30.usatoday.com/money/perfi/basics/story/2012-04-27/preparing-a-will/54632436/1 http://www.nolo.com/legal-encyclopedia/probate-faq-29135.html http://www.wikihow.com/Avoid-Probate http://www.investopedia.com/articles/pf/08/what-is-a-will.asp b00

Things to do before you die…to Avoid Probate

shared by williamhartnell on Oct 06
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We all have bucket lists of things to do before we die, things like sky diving or visiting Italy. However, we at Dana Law Firm feel there are a few other things you should add to that list in order t...

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