Plan ahead to save stress and money later on
- Make a will and keep it updated
- Name beneficiaries for all accounts
- Use probate avoidance tools and shortcuts
Losing a loved one is difficult enough, but dealing with the probate process can add unnecessary stress and expenses. To make things easier for your heirs, here are three important steps to take: 1. Make a will and keep it updated. A will is the bare minimum component of your estate plan. It should contain a list of your assets, beneficiaries, and an executor. Review your will every few years to ensure it reflects your current wishes. 2. Name beneficiaries for all accounts. By designating beneficiaries for your savings, investment, and retirement accounts, as well as individual investments, you can avoid probate and ensure a smooth transfer of assets. Consider creating a Payable on Death (POD) designation for bank accounts to bypass probate. 3. Use probate avoidance tools and shortcuts. Depending on your state and circumstances, there are various estate planning tools available to help you avoid probate or shorten the process. These include small estate inheritance, Transfer on Death deeds, Lady Bird deeds, and living trusts. By following these steps, you can save your heirs from the anguish of probate and make the estate settlement process much smoother.
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Key People: Jennifer B. Cona (founder and managing partner of Cona Elder Law), Eido Walny (founder and managing partner of Walny Legal Group)
Factuality Level: 7
Justification: The article provides practical advice on how to legally avoid probate and settle an estate. It includes specific options and tools that can be used, such as creating a will, naming beneficiaries for accounts, and using probate avoidance tools. The information provided is clear and actionable, and there are no obvious instances of irrelevant or misleading information. However, the article does include some personal anecdotes and examples, which may be seen as tangential to the main topic.
Noise Level: 4
Justification: The article provides useful information on how to legally avoid probate when settling an estate. It offers three options: making a will, naming beneficiaries for all accounts, and using probate avoidance tools and shortcuts. The article also includes personal examples and tips for each option. However, there is some repetitive information and the article could have provided more in-depth analysis or evidence to support its claims.
Financial Relevance: No
Financial Markets Impacted: No
Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article does not pertain to financial topics and does not describe any extreme events.
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