![]() The guidance and advice of an area attorney can be especially helpful in determining which tools are best suited for a specific person’s intentions. In other cases, a POD account may be more suitable for their needs. An example of this would be how depending on the person’s situation, a joint bank account may be able to accomplish a person’s goals for their funds. These will likely differ depending on an individual’s intentions for their property. Other instruments available to transfer property to beneficiaries outside of the probate process may each have its own benefits and drawbacks. Other examples may include trusts and joint bank accounts, which will be further discussed later on. These alternatives allow property and/or funds to be passed to beneficiaries when a person dies, without that property and/or funds passing through the probate process. There are some specific financial instruments which can be considered alternatives to probate. ![]() While this is not necessarily an alternative to probate, it is the ideal standard for the distribution of an estate upon a person’s death. Their will provides specific instructions regarding the distribution of their property. One of the best ways to avoid costs and fees associated with the probate process is to have a valid will in place when a person dies. ![]() The probate system is the legal process of administering a decedent’s estate. ![]() A payable on death account is also referred to as a “ POD” account, and is a type of financial tool frequently used to prevent monetary assets from entering into the probate system. ![]()
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