Experienced West Palm Beach probate litigators know that the will administration process can be stressful. Property outside of the State can spell multiple administrations and family in fighting can prolong the process while also depleting assets. Have you considered using a will substitute to streamline the process? The solutions may be more affordable and easier than you thought take a look at our crash course guide to West Palm Beach will substitutes.
Why a Will Substitute?
- There are a few big reasons why you should consider a substitute for your West Palm Beach Last Will and Testament.
- One is ease of administration, you can keep the overburdened court system out of it for the most part.
- Another big one is privacy.
- Few people realize that wills are public once filed with the Court.
- A trust on the other hand will remain private as long as there are no disputes and court battles.
- Finally, the substitutes may be cheaper in the long run, depending on a few factors.
- So what are the most common / favorite will substitutes in West Palm Beach?
Pour Over Wills
- These are a cool relatively new way to manage your estate.
- You may execute a trust at the same time or prior to executing your will and unlike most wills, you can leave it unfunded.
- You may then instruct your will’s personal representative to put everything into the trust.
- Just like that your estate has been administered and now the trustee takes over and manages the assets for your beneficiaries.
Pay on Death (POD) and Transfer on Death (TOD) Accounts
- These are becoming more and more popular as people learn about pay on death accounts.
- Basically by naming an account in your own name as being held “in trust for [name]” you can create a makeshift trust of sort.
- Now this trust does not have the formalities of a trustee and administration but it does have one important trust like quality: its non-probate property!
- In other words it is going to go straight to the beneficiary.
- One great part about a pay on death account is the fact that they are so affordable.
- If you lack the funds to create a formal trust, and lack the assets to make administration of a trust practicable, this may be the testamentary substitute for you!