When it comes to estate planning, many people think primarily about wills and the probate process. However, understanding non-probate assets is equally important. These assets can pass outside of the probate process, saving time and money for your heirs. A Tampa Wills Attorney can provide invaluable assistance in managing and planning for these assets, ensuring your wishes are honored and your loved ones are taken care of.
What Are Non-Probate Assets?
Non-probate assets are those that do not go through the probate process after an individual’s death. Instead, they transfer directly to beneficiaries or co-owners without needing court involvement. Common examples of non-probate assets include:
- Jointly Owned Property: If you own a property jointly with another person, the title changes automatically to the surviving owner upon death.
- Life Insurance Policies: The proceeds from a life insurance policy are directly paid to the designated beneficiary, bypassing probate.
- Retirement Accounts: Accounts like 401(k)s and IRAs allow you to name beneficiaries, which means your assets pass directly to these individuals when you die.
- Payable-on-Death (POD) Accounts: Bank accounts can have a designated beneficiary that receives the account balance upon the owner’s death without going through probate.
- Trust Assets: Assets placed in a trust are not subject to probate, as they are managed by the trust itself according to the terms set by the grantor.
Assets with beneficiary designations do not go through the probate process outlined in your will. However, these designations have a significant impact on your estate planning because the beneficiaries you specify in these documents take precedence over the instructions provided in your will.
The Role of a Tampa Wills Attorney in Managing Non-Probate Assets
A will is the foundation of every estate plan, but balancing your will provisions with other aspects of your estate plan is vital. Michelangelo Mortellaro is an experienced wills and trusts estate planning attorney who can help you create a comprehensive plan for preserving and protecting your legacy for your loved ones.
- Ensuring Proper Designation of Beneficiaries: A wills attorney can help you designate beneficiaries correctly for your non-probate assets. This includes ensuring that your life insurance policies, retirement accounts, and bank accounts have the appropriate beneficiaries named, preventing any ambiguity, and ensuring that your assets go where you intend.
- Advising on Asset Management: Complex issues may arise regarding non-probate assets, especially jointly owned properties or trust management. An attorney can provide guidance on managing these assets effectively to align with your estate planning goals.
- Reviewing Titles and Account Ownership: A wills attorney can help you review property titles and account ownership to ensure that they are set up in a manner that aligns with your wishes. This includes whether to hold property jointly or in trust.
- Creating and Managing Trusts: If you are considering setting up a trust, a Tampa wills attorney can assist in the creation of the trust, ensuring that assets are transferred properly and managed according to your wishes. Trusts can hold a variety of assets and can be tailored to meet specific needs, providing a robust planning tool.
- Minimizing Estate Taxes: Non-probate assets can play a key role in your overall estate plan, potentially minimizing estate taxes. A knowledgeable attorney can guide you in structuring your assets to take advantage of tax-saving strategies.
Life is unpredictable, and your estate plan may need adjustments over time. A wills attorney can help you periodically review and revise your estate plan to account for changes such as marriage, divorce, the birth of children, or changes in financial circumstances.
Peace of Mind for You and Your Loved Ones
Working with a Tampa wills attorney to understand and manage your non-probate assets is a proactive step in ensuring that your estate is handled according to your wishes. By taking the time to address these important matters, you can provide peace of mind for yourself and your loved ones, knowing that your assets will be passed on smoothly and efficiently.
Contact our wills attorney in Tampa at Mortellaro Law to discuss your non-probate assets as part of your overall estate planning strategy. Call 813-291-0734 now to schedule a consultation.
