Do you really want to avoid Probate?
Many clients list avoiding probate as a goal of their estate plan. The truth is that probate is very easy to avoid. Almost everything today has a beneficiary designation. Houses have transfer on death. Bank accounts have pay on death. In Minnesota, even your car has a transfer on death now. Is probate avoidance really your goal though?
Most likely, when you say probate avoidance, you mean court avoidance. That’s not the same thing. Probate is just the legal process where a dead person’s assets have their title changed to a living person’s name. It has nothing to do with avoiding a challenge or a fight over your stuff.
Without proper estate planning, joint ownership and beneficiary designations can even result in unintentionally disinheriting your family members. If your spouse remarries, they will most likely hold their property joint with the new spouse. Should your spouse then die, the new spouse gets all your stuff. Will they take care of your kids? Your dog?
If you are concerned about this and would like to talk, click to schedule a planning session either in person or on the phone.