Every adult should have some estate plan in place for his/her loved ones. If done correctly, estate plans provide notice of your wishes and eliminate or minimize the stress on your loved ones.
First, you need to understand what happens to your assets without an estate plan, and how to avoid probate court. Many people believe that a Trust is the answer, and although, in some cases it is, unless all assets are transferred into the Trust, then it will most likely not avoid probate.
There are a number of ways that assets can be titled without the concern of a Trust. For example, real estate property can be transferred by virtue of a Lady Bird Deed without the expenses or pitfalls of Probate Court. A Lady Bird Deed is a deed that is filed with the Register of Deeds, and it directs who the property should be transferred to upon the owner's death. The owner retains full rights to sell, mortgage, transfer or change the designee of the property while they are living. This is an extremely useful mechanism, especially since real estate is the biggest asset that most people own at the time of their passing.
Planning for your passing is never an easy task; however, it is an important one to assist your loved ones.
I will work with you to review your assets, and determine the best course of action for your final plans.
Contact Torni Gaudenzi Law, PLLC at 248.702.5303 or online for a free consultation.
There are a number of ways that assets can be titled without the concern of a Trust. For example, real estate property can be transferred by virtue of a Lady Bird Deed without the expenses or pitfalls of Probate Court. A Lady Bird Deed is a deed that is filed with the Register of Deeds, and it directs who the property should be transferred to upon the owner's death. The owner retains full rights to sell, mortgage, transfer or change the designee of the property while they are living. This is an extremely useful mechanism, especially since real estate is the biggest asset that most people own at the time of their passing.
Planning for your passing is never an easy task; however, it is an important one to assist your loved ones.
I will work with you to review your assets, and determine the best course of action for your final plans.
Contact Torni Gaudenzi Law, PLLC at 248.702.5303 or online for a free consultation.
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