Best Methods for Protecting Family Inheritance

Best Methods for Protecting Family Inheritance

Protecting family inheritance involves establishing estate planning strategies. Regardless of whether a
person owns few or many valuables, these methods are needed to avoid probate and ensure heirs actually
receive inheritance gifts.

Family inheritance is gifted to heirs through the last will and testament or assignment of beneficiaries.
Wills are an essential factor of estate planning since they give direction about how estates should be
settled and the people receiving their possessions. Wills are also used to establish legal guardianship for
minor children.

Probate is required to record the person's death and document property transfers. The process also
includes clearing debt and tax liabilities, along with various other tasks. The probate process can be
expedited by preparing a Will. Dying without a Will prolongs probate and makes estate settlement more
difficult for the estate executor.

Estates with small values are normally exempt from probate as long as a Will is recorded through the
court. Inheritance gifts can be given to heirs once estates pass through the confirmation process, which is
usually 45 days.

Estate assets that are gifted using assignment of beneficiaries are not recorded in the last Will and are
exempt from probate. Beneficiaries can be established for most types of titled property, life insurance
proceeds, real estate, motor vehicles, financial investments, bank accounts, and retirement funds.

There are a couple of ways to gift titled property. It's recommended to speak with an estate planning
specialist to figure out which method is used in the state of residence. The two most common procedures
are to transfer property to a trust or acquire a joint title with survivorship rights.

Any property that is owned by a trust is no longer part of the estate and can avoid probate. There are
several kinds of trusts and most need to be implemented by an estate attorney. A few of the most
commonly used include: revocable living trust, irrevocable trust, and irrevocable life insurance trust.

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Probate estates and trusts are reconciled by an estate agent that is designated in the last Will. Agents can
be anyone of choosing, as long as they are of legal age and don't have a felony conviction. Most people
select their spouse or family member, but agents can also be friends, lawyers, clergy, or estate planning
service.

If the probate process can proceed uninterrupted estates can be settled within a few months. The process is
prolonged if a person dies without writing a Will, or if family disputes over inheritance arise. Other
factors that affect probate are estate value; number of heirs; type of property involved; and court caseload.

Trusts are a good method to avoid probate and expedite estate reconciliation. People that prefer to keep
their Will private use trusts so they cannot be viewed by the general public. Wills that pass through
probate become a matter of public record.

No one knows when their final day will arrive so it's important to be proactive about writing a Will.
Dying without one leaves a mess for family members to clean up and causes additional grief. There's no
need to do that, especially when the process is quite simple.

Safeguarding family inheritance should be a top priority. Almost everyone owns something they would
like to give to someone they care about. Spending time writing a Will gives peace of mind and reduces
burdens for loved ones.
WA (360) 527-2630 * CA (714) 998-6888
Copyright (c) 2006 - 2009 http://www.SimonVolkov.com * All rights reserved

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