(MSN.com) - Whether it’s a collectible or a pile of cash, anything listed in a will is likely to cause some headaches for heirs.
“It’s likely to be subject to probate,” Hughes says.
Probate courts are responsible for implementing the provisions of wills. That means you’ll be paying fees and waiting for the court to finish its work before you can take ownership of your inherited assets. Some states have a simplified probate process for small estates.
To avoid the probate process, a person can name beneficiaries or use transfer-on-death designations for many financial accounts. Another option is to create a trust and place assets there. Then, they can be distributed to beneficiaries after death without the need to go through probate court.
A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. But under the care of a pro, the average is $3.4 million. That’s an extra $1.7 million!
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By Maryalene LaPonsie
March 30, 2023
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