Probate Avoidance
Be Proactive with Your Investment Accounts
“By failing to prepare, you are preparing to fail.” ―Benjamin Franklin
Upon death, the assets of a deceased person’s estate will pass to the designated beneficiary under two potential scenarios. First, if the investment accounts are structured properly, the assets will avoid the Surrogate Court and Probate process and transfer to the designated beneficiary in a cost-efficient, timely and generally stress-free manner. When an account is structured properly, a certified copy of a death certificate is all that is needed to transfer the assets into the Beneficiary’s name. The alternative scenario proves much more complex.
When accounts are not structured properly, assets will be required to pass through the Surrogate Court and Probate process. Under this scenario, a Last Will and Testament must be submitted to the Surrogate court and validated via Probate. Once this is complete, Letter’s Testamentary will be issued authorizing an executor to take control of the decedent’s estate. The executor will then be permitted to locate, consolidate, and distribute the financial assets of the decedent’s estate. This alternative scenario is not only expensive due to lawyer and surrogate court fees, but it is also time consuming and stressful for the executor/beneficiary.
As an example, an Individual Brokerage Account will be required to enter probate upon the death of the owner. However, if the Account was structured with a Transfer on Death (TOD) designation, the assets would avoid probate and the beneficiary would only need to submit a certified copy of a death certificate to claim the assets.
In most cases, the difference between probate avoidance and probated assets is planning and preparation. With a proactive plan, and the help of Third Executor, you can ensure your financial assets will avoid probate and that your beneficiary will save time and money settling your estate.
Third Executor’s Before Death service will review and structure your financial assets to ensure that, upon death, your assets will avoid probate and facilitate a timely and cost-efficient wealth transfer. In addition, Third Executor will help you organize and display your financial assets for your future beneficiary to easily identify and locate.
Let Third Executor help you be proactive with your financial accounts. Email us at Contact@Thirdexecutor.com or call 212-328-0610.