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You have a Last Will, will you avoid Probate?

Trust & Estate Tip of the Day: You have a Last Will and Testament, so your estate will avoid probate . . . . WRONG! Having a Will does not keep your estate from going through the probate process. Probate is a court proceeding which is necessary when you die owning assets that don’t pass to someone automatically. What passes automatically? Jointly owned assets, financial accounts that name a beneficiary, and assets titled in a trust do not have to go through probate. All other assets that you own typically will go through probate, even if you have a Will. A revocable trust is a simple way of avoiding probate, especially for real estate. Naming beneficiaries on all financial accounts (which was the subject of a prior post) also helps tremendously.

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