Be the Constant Worrier, and Your Accounts Will Be Protected.
Account ownership and the dreaded word Probate have a meaningful impact on each other. It is imperative that any accounts that you own either do NOT have just your name on them, or have designated beneficiaries on death. Otherwise, any accounts that are only in your name end up as a “probatable” asset.
Revocable Trust vs. Irrevocable Trust?
Do you want to avoid probate, minimize taxes, provide control and maintenance for you and your heirs? Then you may want to create a Trust. A trust is really just a set of instructions that direct people you have placed in charge what to do with your assets and when to do it.