Probating an estate is often hard work. You may not want to make the process any more difficult on your surviving loved ones than necessary when the time comes to probate your estate. As a result, you want your estate plan to be as effective as possible in helping the process go smoothly.
You may not feel the need to avoid probate entirely, but shortening the process or making it less complicated may be a goal of yours. If so, you may want to start the journey toward reaching that goal by understanding the assets that will likely have to go through probate after your passing.
What goes into your probate inventory?
You may be surprised to learn that the majority of your property could go through the probate process. Even if you think you have designated a beneficiary to a payable-on-death account or another account that allows for the direct transfer of assets, those assets could end up in probate if you have not updated those beneficiaries recently. Assets likely to go through probate include the following:
- Any assets you hold individually will go through probate. These assets can include individual bank accounts, vehicles, stocks, real estate and personal items
- Payable-on-death accounts could go through probate if the beneficiary you designated has already passed away or if you did not designate a beneficiary. It is important to review and update beneficiary designations for this reason.
- Any assets you do not place into a trust are subject to probate. A trust removes assets from your personal possession and from your estate, which means those assets do have to go through probate.
- Tenants-in-common property also goes through probate. If you want jointly owned property to avoid probate, using rights of survivorship can help.
Understanding what goes through probate may prove useful when you decide how to distribute your assets and whether using a trust could benefit you and your family.
Planning the right way
Fortunately, no matter your estate planning goals, numerous tools and options can help you reach those goals. It may benefit you to contact an experienced Nevada attorney who can assess your specific estate and help you decide which planning tools may be most useful. Getting your affairs in order ahead of time could bring you peace of mind and help your loved ones in the future.