There may be a variety of topics to consider when preparing to create a strategy with which to protect one’s wishes when distributing assets to loved ones. Individuals in Louisiana who are exploring their available estate planning options may have concerns about probate, and they might wonder if there is any way to avoid this process. While probate may be a necessary component of managing one’s affairs in many scenarios, there may be certain options that could help bypass this process, but knowing whether these options may align with one’s interests may seem a complex endeavor.
Experts indicate that when it comes to bypassing probate, one potential option could involve setting up a living trust. Assets distributed to a living trust may not be subject to the probate process, but instead of being distributed to loved ones upon death, they may remain in the trust. When setting up a trust, a person may face the task of choosing another party to manage the trust, and beneficiaries may continue to receive benefits from a trust over extended periods.
Certain types of financial accounts such as retirement and banking assets also may allow one the option to list others as beneficiaries. In some cases, the funds within these accounts may be distributed to the listed parties without having to go through probate. With assets such as real estate, experts indicate that if the property is listed as being jointly owned, ownership may pass directly to the other party and will not be subject to probate.
Choosing the most viable path
Individuals in Louisiana who are exploring their available estate planning options and have questions about topics such as probate could benefit from consulting with an attorney for guidance. An attorney can help a client understand every aspect of probate, provide insight on options that may help bypass this process and help determine whether these paths might align with one’s interests. Such guidance may prove vital to helping a person prepare to make informed options about the available options and develop a strategy that focuses on his or her wishes and preferences for the future.