If a loved one has died and did not set up a will or trust, that person’s estate usually needs to go through the probate process. This can be a very difficult situation for families, as it means that key decisions are largely left up to the courts — and there are also high costs associated with it. To help your loved ones avoid these hassles, the team at Mara & Mara, Attorneys at Law wants you to know that there are a number of things you can do.
First, it’s important to have a will or trust set up that specifies the beneficiaries of each of your important assets. Wills and trusts do have certain issues that need your attention, however, so it’s important that you work with a qualified estate planning attorney before you move forward. These professionals outline your options and any issues you may need to resolve before finalizing your documents.
One of the best ways to specify beneficiaries is through a living trust, which allows you to keep control of your assets until your death. There are many benefits to this, including the avoidance of certain taxes and fees. A living trust allows your beneficiaries to avoid a lot of wasted time and money through the probate process, letting them move on after you pass.
You can also set up a joint ownership of property, which allows you to assume the title of assets with another individual. When one of you passes, the other assumes full ownership of the property. This is a simple way to avoid probate, as the assets go from joint ownership to single ownership.
Once again, before you get started setting up a will, trust, living trust, joint ownership of property or any other document related to your assets and property, speak with a lawyer who has experience in this area of the law.
The legal team at Mara & Mara, Attorneys at Law has what it takes to provide you with sound and dependable representation for your probate-related issues. Call us today at 386.310.2685 or contact us online. Our lawyers proudly serve residents in Daytona Beach, Ormond Beach, Palm Coast, Seville, New Smyrna Beach, Bunnell, Port Orange and the surrounding areas.