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How to Avoid Probate
ChannelJay R. Larsen, Esq.Description from the creator
The probate process can be long and expensive, not to mention frustrating. If you want to learn more about avoiding probate, go here: attorney-lasvegas.com/nevada-probate/avoiding-p…
One common misunderstanding about probate is that having a Will avoids probate. However, the legal process for admitting the Will to court and administering the estate assets pursuant to the Will is the probate process. The court follows the directions in the Will to distribute the assets.
Some assets, by their nature, avoid probate. They are assets with beneficiaries listed, like life insurance or retirement accounts. Beneficiaries can also be added to bank accounts or brokerage accounts, commonly known as “pay on death” or POD accounts.
People often own real estate as “joint tenants with rights of survivorship.” When one joint tenant dies, the surviving joint tenant automatically owns the entire property.
A very popular method of avoiding probate is the Living Trust. A trust allows you name beneficiaries, designating how and when the beneficiaries receive the trust assets. It’s very flexible.
A Nevada probate commonly lasts 6 months and can last well over a year. If the Will is contested, the probate process can take several years to resolve. Consequently, probates are costly. You can spend anywhere from $7,000 to $8,000 for a normal, run of the mill probate, to spending six figures if there is a Will contest or other litigation.
Because of the time and cost involved, avoiding probate usually makes sense. To learn more about how to avoid probate in Nevada by visiting my website here. attorney-lasvegas.com/nevada-probate/avoiding-p…
youtu.be/En-buAWZg4c
twitter.com/JRL_Esq
One common misunderstanding about probate is that having a Will avoids probate. However, the legal process for admitting the Will to court and administering the estate assets pursuant to the Will is the probate process. The court follows the directions in the Will to distribute the assets.
Some assets, by their nature, avoid probate. They are assets with beneficiaries listed, like life insurance or retirement accounts. Beneficiaries can also be added to bank accounts or brokerage accounts, commonly known as “pay on death” or POD accounts.
People often own real estate as “joint tenants with rights of survivorship.” When one joint tenant dies, the surviving joint tenant automatically owns the entire property.
A very popular method of avoiding probate is the Living Trust. A trust allows you name beneficiaries, designating how and when the beneficiaries receive the trust assets. It’s very flexible.
A Nevada probate commonly lasts 6 months and can last well over a year. If the Will is contested, the probate process can take several years to resolve. Consequently, probates are costly. You can spend anywhere from $7,000 to $8,000 for a normal, run of the mill probate, to spending six figures if there is a Will contest or other litigation.
Because of the time and cost involved, avoiding probate usually makes sense. To learn more about how to avoid probate in Nevada by visiting my website here. attorney-lasvegas.com/nevada-probate/avoiding-p…
youtu.be/En-buAWZg4c
twitter.com/JRL_Esq
About this tutorial
Jay R. Larsen, Esq. published this 3:12 video tutorial on October 25, 2015. It has been watched 1,014 times on YouTube.
- Channel
- Jay R. Larsen, Esq.
- Category
- People & Blogs
- Duration
- 3:12
- Published
- October 25, 2015
- Views
- 1,014
- Likes
- 3