Probate Avoidance and Cost Savings verses Achieving Your Goals
There are multiple problems with TOD and named beneficiaries as an “Estate Plan”. Yes. They will avoid probate. But frequently there are assets that are not TOD that must still be probated.
To Get What You Want You Have to Know Your Goals
But are our only goals probate avoidance, and up-front cost savings? Why might probate avoidance not work as a plan? Because most people’s goal is not to avoid probate, and up-front costs, but to make sure that 1. They maintain as much control of their property as long as possible; 2. That they benefit from their property as long as possible; and 3. that the people or charities they choose get as much benefit out of their property when they are finished with it; and 4. Enjoy the most overall savings and costs, as opposed to up-front costs. With those 4 goals, avoiding probate is a factor. But TOD and named benies are not the solution.
To Learn more about how to protect your Estate and how to avoid probate, attend one of our Free seminars. Registration is requested as space is limited. Register online at penbaylaw.com or call 207-236-4888