A: Although a will is an essential piece to an estate plan, on its own, a will does absolutely nothing to help keep your family out of probate. Having said that, just because you only have a will does not automatically mean your estate will be subject to probate. For instance, there are several options available to you (other than a living trust) that can keep certain assets out of probate: 1: using Payable-On-Death (“POD”) beneficiaries on bank accounts; 2: using Transfer-On-Death (“TOD”) registrations on stocks, bonds, and vehicles, and 3: using a Revocable Transfer on Death Deed for certain types of qualifying real properties.
Remember, at Rose Law Firm of Napa Valley, we believe that a living trust is an exceptionally valuable estate planning tool for many people, but not all people will necessarily need one. Of course, as they say, it depends upon the unique facts, circumstances, and objectives of each person!
If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/