How to Ensure Your Family Home Is Not Lost In the Probate Process
Is your family home safe from the probate process?
After someone passes away, the biggest hurdle a family has to face is the probate process. Having to sell a family home can be life-changing for heirs. Without a living will, the laws of probate determine how your children lose their family home.
In this article, we’ll share some tips that can help you keep your home out of the probate process. If you want to preserve this important piece of your family’s history, keep reading!
Hire an Estate Planning Attorney
Hiring an experienced estate planning attorney can help you navigate the probate process. It is their duty to protect your interests. Stay involved in the process.
Understanding probate helps you all the more to know what is happening as the process can be complex. If you have questions, ask your estate planning lawyer, or the court. The more you know, the better equipped you will be to protect your family home.
Name a Beneficiary
Another way to avoid probate is to name a beneficiary for your property. A beneficiary is someone whose name is in a legal document. Like in a will, trust, or insurance policy, to receive money or other benefits.
In the probate process, the court generally recognizes the validity of these documents. Most especially, the wishes of the deceased person. They will transfer the account to the beneficiary without going through probate.
You can also use a payable-on-death designation for bank accounts.
Write a Will
You can avoid probate by preparing your estate in advance by writing a will. This is a legal document that states how you want to distribute your assets after you die. You name a trustee to manage the trust.
And you can transfer ownership of your property into the trust while you’re alive. The trust owns your property, so it doesn’t have to go through probate when you die. The probate process can be costly and time-consuming.
This can also help to avoid family conflict.
Keep Good Records
Keeping good records from the beginning of the probate process can save a lot of time and money. It can also make the process go in a smooth manner for everyone involved. Keep a copy of the will, estate planning documents, and any other important papers in a safe place.
If you have lost the will, the court may appoint an administrator to oversee the estate. And they might sell the family home to pay debts or taxes. It’s also important to keep good records of any expenses related to the estate.
This includes funeral and burial expenses, probate court fees, and other miscellaneous expenses.
Follow These Tips for the Probate Process
You can ensure that your family home is not lost in the probate process by following these tips. These include naming a beneficiary, writing a will, and keeping good records. You should also consult with an experienced estate planning attorney to discuss your options.
And, to make sure that your family home is protected. Did you enjoy this article? Be sure to check the rest of our website!