Probate is the legal process of settling an estate after someone dies. However, it can be avoided in some cases, such as: • If the total value of assets in the estate falls below a minimum value as determined by state law or • If some or all of the assets will pass directly to the heirs using methods such as joint ownership, beneficiary designations, living trusts, or gifts. This blog post will highlight ways to avoid probate court. But first, let’s address Probate. For ease of writing, I will use the term “Executor” to describe the role responsible for settling the estate. The Executor has a fiduciary responsibility to the estate and its beneficiaries. The Executor can also be referred to as the “administrator,” “representative,” “fiduciary,” or sometimes “agent.” If a Trust is involved, it could be a trustee. If there is a Liv...
This blog represents the collective wisdom and insights from the regular meetings of a group of guys approaching or recently retired. We discuss topics from the practical financial and investment decisions to the spiritual and aspirational aspects of retirement. The content of the blog is written by a number of individuals and each post reflects their personal perspectives and views.