Coach Joe Philbin of the Miami Dolphins has had a rough season to say the least. With all of the pre-season hype, the Dolphin fans entered the season with playoff expectations but after three straight losses it’s become hard to remain optimistic. The most recent loss in London put Philbin’s job security in question and ultimately resulted in him being fired earlier today. Perhaps a more aggressive approach could have resulted in Philbin avoiding this unfortunate outcome but it’s too late now. While it may be too late for Philbin, the time is just right for you. Now is the time to be both aggressive and proactive in planning for our loved ones and avoid probate.
Probate is the legal process that takes place after someone has passed away. It’s a lengthy process that includes the following
- Filing the deceased person’s will with the court and proving to the court that the will is valid. During this process the will may be challenged which will only further prolong the process.
- Identifying and recording the deceased’s person assets.
- Appraising the property value.
- Paying off any remaining estate taxes and/or debts.
- Distribution of the remaining property to deceased’s heirs.
Probate is costly and can take anywhere from six months to well over a year. The court system, debt collectors and lawyers will receive compensation before your family receives anything. Luckily, everyone can avoid probate through a number of ways.
One of the most favorable ways in which to avoid probate is through the creation of a living trust. By creating a living trust, you decide which assets are held in trust and who will receive them upon your death. Any asset held as part of the trust will avoid probate and will immediately be distributed to your beneficiaries by the designated trustee.
Another way in which you can avoid probate is to create a joint ownership of property. Co-owners are also referred to as “joint tenants” and own the property jointly with the right of survivorship. What does this mean? The right of survivorship means that upon one co-owners death the remaining interest is instantly transferred to the surviving owner without the need for probate.
Other ways in which you can avoid probate include gift or beneficiary designations, life insurance policies, and retirement plans. To learn more about probate avoidance and proper planning for your loved ones, schedule your free consultation with Wild, Felice & Partners, PA today. Call (954) 944-2855 or visit our website at http//www.wfplaw.com.
It’s a Wild World. Are you protected?SM