Avoiding probate is a common goal for many when planning their estate, and for good reason. Probate is the legal process through which a deceased person’s assets are distributed under court supervision. This process can be time-consuming, costly, and public — all good enough reasons to find an alternative that allows your estate to pass directly to your loved ones. First, understanding what probate involves is crucial. Probate is the distribution of assets in your name at the time of your death. Without proper planning, these assets must go through probate before being legally transferred to your heirs. How to Sidestep Probate SIMPLE WAYS TO AVOID PROBATE WITH YOUR ASSETS
However, several strategies can ensure your assets bypass the probate process, saving your beneficiaries time, money, and stress. Here are three effective ways to avoid probate. BENEFICIARY DESIGNATIONS One straightforward method is to designate beneficiaries directly on accounts such as IRAs, life insurance policies, and retirement plans. Doing so will transfer these assets directly to the named beneficiaries upon your death without going through probate. It’s vital to keep these designations up to date to reflect your current wishes. PAYABLE ON DEATH (POD) AND TRANSFER ON DEATH (TOD) For bank accounts, you can set up a Payable on Death (POD) designation, which allows the account’s contents to be transferred directly to a named beneficiary when you pass away. Similarly, Transfer on Death (TOD) registrations can be used for brokerage accounts and other eligible
assets. These designations are simple to set up and effectively bypass probate by automatically transferring assets to your designated beneficiaries. REVOCABLE LIVING TRUSTS Another powerful tool is creating a revocable living trust. You transfer your assets into the trust, and you can remain the trustee during your lifetime, managing the assets as you see fit. Upon your death, the successor trustee you’ve named will distribute the trust assets to the beneficiaries according to your instructions in the trust document — again, without probate. Incorporating these strategies not only simplifies the distribution of your assets but also provides peace of mind, knowing that your beneficiaries can avoid the complications of probate.
DIFFICULTY IN REMEMBERING? IS THIS THE ONSET OF ALZHEIMER’S? OH NO!
For those of you who have worked with me in the past, you know I have a sense of humor. Sometimes, my sense of humor is a little on the goofy side, but it is still funny. Occasionally, when I have a lot of deals going and things are moving at a fast pace, I forget something I was supposed to do or someone I was supposed to call. Worse yet, I try to think of a word, and it won’t come to me. When this happens, I make a point to go visit a very good friend of mine who owns and operates a Visiting Angels homecare office and is certified in recognizing and caring for people with Alzheimer’s. I share with them how I am having trouble trying to recall a person’s name or something I am trying to explain to another individual and I can’t think of the right word. My friend, who is very good at what they do, always asks me the same question: “Do you think of the word or person you were trying to think of later?” (I respond: Well, yes, I always do.) “Great! You don’t have Alzheimer’s. Now get out of here.” The reason I share this with you is because I have a close relative who is not as fortunate as I am, and they have been diagnosed with Alzheimer’s disease, and having spent time with them, I can tell you it is devasting to both the individual and their family.
I have always been told that a busy mind will help keep you healthy and may play a part in deterring Alzheimer’s. But to help put things in perspective, listed below are 10 things to look for to determine if you or someone you love may be experiencing some issues that could be related to Alzheimer’s. 1. Memory loss that disrupts daily life. One of the most common signs of Alzheimer’s disease, especially in the early stage, is forgetting recently learned information. Others include forgetting important dates or events, asking the same questions over and over, and increasingly needing to rely on memory aids (e.g., reminder notes or electronic devices) or family members for things they used to handle on their own. 2. Challenges in planning or solving problems. Some people living with changes in their memory due to Alzheimer’s or other dementia may experience changes in their ability to develop and follow a plan or work with numbers. They may have trouble following a familiar recipe or keeping track of monthly bills. They may have difficulty concentrating and take much longer to do things than they did before. 3. Difficulty completing familiar tasks. People living with memory changes from Alzheimer’s or other dementia often find it hard to complete daily tasks.
Sometimes, they may have trouble driving to a familiar location, organizing a grocery list, or remembering the rules of a favorite game. 4. Confusion with time or place. People living with Alzheimer’s or other dementia can lose track of dates, seasons, and the passage of time. They may have trouble understanding something if it is not happening immediately. Sometimes, they may forget where they are or how they got there. 5. Trouble understanding visual images and spatial relationships. Some people living with Alzheimer’s or other dementia could experience vision changes. This may lead to difficulty with balance or trouble reading. They may also have problems judging distance and determining color or contrast, causing issues with driving. 6. New problems with words in speaking or writing. People living with Alzheimer’s or other dementia may have trouble following or joining a conversation. They may stop in the middle of a conversation and have no idea how to continue, or they may repeat themselves. They may struggle with vocabulary, have trouble naming a familiar object, or use the wrong name (e.g., calling a “watch” a “hand-clock”). 7. Misplacing things and losing the ability to retrace steps. A person living with
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