Key Takeaways | Probate vs. Non-Probate Assets
Probate assets are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership.
The probate process can be time-consuming and expensive, often taking a minimum of nine months to complete.
Having a will does not necessarily avoid probate if there are assets that are solely owned and not covered by other legal transfer methods.
Avoiding probate can be achieved through beneficiary designations, joint ownership, or the use of trusts.
Episode Notes:
In this episode, attorney Bill Miller discusses the difference between probate and non-probate assets. Probate assets are those that are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership. Bill also highlights the probate process, including the responsibilities of the personal representative and the time-consuming nature of probate. He emphasizes the importance of having a will and the potential consequences of dying without one.
Bill explores the benefits of avoiding probate and provides various methods to achieve this, such as beneficiary designations, joint ownership, and trusts. He concludes by discussing the considerations in choosing between probate and non-probate plans, and the impact on business assets.
Notable Moments:
(00:00) Introduction and Disclaimer
(01:00) Understanding Probate and Non-Probate Assets
(05:27) Non-Probate Assets
(06:32) Probating a Will
(08:49) Difficulties of Estate Administration Without a Will
(10:15) Consequences of Dying Without a Will
(11:27) Challenges of Probate Process
(15:14) Methods to Avoid Probate
(18:11) Importance of Beneficiary Designations
(20:34) Choosing Between Probate and Non-Probate Plans
(21:35) Avoiding Probate for Business Assets