Leaving Your Home To Your Kids While Avoiding Probate Litigation
Aging people often prepare their will to ensure that their property and other assets are distributed according to their will. A proper will ensures family properties stay within the family. Often, if a will is not prepared appropriately, it is not legally binding and can be challenged. In such cases, it becomes mandatory for the beneficiaries to initiate probate proceedings. However, if the will is made in accordance with legal requirements, it becomes binding on all parties, and this means avoidance of probate proceedings.
But the main question is – what is a probate? According to Las Vegas probate administration attorneys, probate is a procedure in which the assets of the deceased person are identified. Along with this, the will’s beneficiaries are also identified and determined. The whole purpose of probate is to ensure that the right beneficiaries receive assets in accordance with the provisions of the will. It also gives creditors an opportunity to exercise their claims against the deceased person’s estate.
Probate proceedings are often initiated by family members of the deceased in two circumstances – first, when there is no will at all, and the deceased has died intestate. In the second scenario, family members are compelled to initiate probate proceedings when a large portion of the estate is a third party.
Owning a property remains a dream for many American people who spend most or part of their lives renting out homes. In this case, if you own a home, ensuring your children receive its ownership would make complete sense. Making a legally binding will is essential if you want your children to inherit your property without any complicated, time-consuming legal hassles.
Coming to the next important question – how to ensure you leave your property to whomever you wish to without them having to undergo the process of probate? Let’s have a look:
There are two ways to transfer the ownership of a property to another person, which are:
● Making a Legally Binding Will
● Creating a Living Trust
We will be discussing each of these modes in this post, and you can decide what works best for you. However, do ensure you seek the guidance of a probate administration attorney before you proceed with the documentation work. Let’s gain a better understanding of each of these modes of transfer:
Legally Binding Will
Making a will is the most opted-for mode for transfer of property to another person. Wills are not restricted just to immovable assets (such as your home) but are also applicable to movable assets such as cash and other items. You can designate the persons to whom you wish to transfer specific properties post your death, and are known as ‘beneficiaries’.
If there is a lack of clarity in the will or the beneficiaries feel that the distribution of assets in the will is unfair, the will would have to be probated. This is why it is key to prepare a clear will in accordance with the provisions of the law so that the question of challenging it or the requirement of probate would not arise.
A living trust allows you to transfer assets to new beneficiaries without making any alterations in your existing will. It gives you the flexibility to add assets to the trust as and when you feel right. A living trust also allows you to enjoy your properties during your lifetime – the actual transfer of ownership happens only when the creator of the trust passes away.
The biggest advantage of creating a living trust is that the beneficiaries would not require to go through probate proceedings for transfer of ownership to their names. Do ensure you assign a neutral trustee for the living trust to ensure there are no conflicts in the distribution of your assets.
If you require assistance with making a will or creating a living trust, do ensure you reach out to Las Vegas probate administration attorneys. Attorneys will help ensure your will and living trust is in accordance with legal provisions, making it legally binding on all beneficiaries.