Is it possible to keep your estate out of probate court?

Having your will contested and it ending up in a New York probate court can be problematic for your loved ones. Probate can be a long process. It also may cause financial hardships for your loved ones who need the money and other assets you left behind. You may be able to avoid having your will go to probate by doing a few things when you are planning your estate.

According to The Motley Fool, there are a couple steps you can take now to set up your  will so it cannot be contested. The first is to set beneficiaries on all applicable accounts. You can do this with your retirement, banking and other similar financial accounts. When you set a beneficiary, that person receives access to the account when you die. It is automatic and easy to set up. 

For other types of assets, such as a car or property, you can set up joint ownership. This is where both your name and the person who you want to receive the property are on the title or deed as equal owners. While you are still alive, this means you will both have ownership, but when you die, it automatically transfers to the other owner. Joint ownership is a good way to stop people from fighting over your assets. 

Taking small steps to set up your assets so they cannot be contested can make it much easier for your will to be settled and avoid the hassles of probate. This information is for education and is not intended as legal advice. 

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Is it possible to keep your estate out of probate court?

Ledwidge & Associates

Ledwidge & Associates, P.C. in New York City has years of experience helping clients create estate plans that fit their needs. We have the experience and resources to handle your critical legal matters with the utmost care and attention to detail.
Is it possible to keep your estate out of probate court?

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