Updated: Apr 9, 2018
Probate is the legal process to disburse assets of the deceased. The first cut of the assets goes to creditors and taxes. Once these obligations are met the Will dictates the remaining disbursement. If there is no Will the court will decide the order and amount of disbursements based on the laws of the state of the deceased. To avoid assets being divided by probate courts name a beneficiary. This designation is available on most major financial tools. Bank Accounts, Retirement accounts, Investment accounts, and Life insurance all allow a choice in beneficiary designation. Some individuals may choose a trust as a beneficiary.
Go Fund Your Life, has an attorney on staff to help with your estate planning, and asset protection needs. We understand that you don't know what you don't know. We are here to help navigate through the process.