👇 Probates 101: What, Why, & How to avoid Probates

If you want your assets to end up with individuals of your choice after death without them having to go through legal challenges such as probates, you might want to consider doing these 5 easy things. Needless to say, you should also update these from time to time if you ever want to change your beneficiaries.

5 tips on avoiding Probates:

1. Set up "pay on death" designation for bank accounts -gives you exclusive control during your lifetime allows your family to present a death certificate to transfer assets to the person you designated

2. Set up "transfer on death" designation for brokerage and mutual fund accounts - there may be a fee do do so and some will waive the fee if you ask

3. Add primary and contingent beneficiaries on 401K and IRA accounts - otherwise they’ll be taxed and haggled over

4. Certain states allow cars to be registered with “transfer on death” beneficiaries and certain states allow “transfer on death deeds (TOD Deeds) for real estate to be transferred directly to your heirs at death

5. Create a living trust if your state doesn’t allow #4 - you can set one up with Quicken Living Trust Maker or with a lawyer and DON’T forget to transfer assets into it or it is useless

#financialtips #moneymindset #financialliteracy #personalfinance