Creating a foolproof will may not prove enough to keep your family afloat during probate proceedings. Since the process may take time to rectify, your loved ones may suffer for a time without adequate access to the financial support they need.
Is there a way you can provide for your family in the weeks immediately following your death while still maintaining your estate plans? Learn about some of the fiduciary measures you can take to allow your estate to perform as you want.
The trust account is becoming an increasingly popular method of giving loved ones access to cash in the aftermath of a death. A trust does not have to go through protracted probate proceedings simply because whatever you deposit into it is no longer a part of your financial inventory. A trust takes property, cash, etc., out of your ownership and places it into that of the trust. Thus, anyone you name as trustee can have immediate and open access to it upon your death.
Life insurance policies are another way that your family may get a quicker influx of cash outside probate. However, even this can take some time for the insurer to process and disburse. The same holds for any other account with a beneficiary designation, such as your retirement. While it still is quicker than probate, it is still not immediate.
The fastest way to care for your family after your death is to hold a joint bank account with one or more people. These automatically pass to the co-owner upon your death and can help pay the bills, including those for your funeral.
Meeting with a professional well-trained in creating a functional estate plan to provide for all of your family’s needs may help take the stress off of the process.