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I have a will, both types of power of attorney, a burial policy, 2 annuities. I am 81 years old. How to prevent probate?
Anonymous2 views5 answers
I've included most details above. I have 3 children and hope my estate doesn't have to go through probate. At present I have only about $45,000 in my annuities.
1 .Annuities avoid probate with named beneficiaries.
2 Burial policies do not go through probate.
3 Power of attorneys are void upon death.
4 Other assets can avoid probate using trusts or naming
beneficiaries.
5 Best bet-meet with an estate planning attorney to finalize your plans.
If you own any other assets in just your name (no beneficiary designations, no joint ownership), like say a home or account in just your name it will go through probate. To avoid probate you could use a living trust, put other non-probate designations on accounts. Visit with an attorney to make sure things are in order.
Maximize the use of accounts that provide for beneficiary designation. Consult with a local estate attorney for further options--I'd suggest an exploration of trusts, as well.
