There are two primary types of assets a person can die with, a probate asset and a non-probate asset. When one dies with a probate asset, their family typically has no access to the asset until a probate court grants it to them. For instance, bank accounts are frozen, homes cannot be sold, and cars cannot be transferred. Families do not want to wait for months for the probate court to give them authority over the decedents bank accounts, vehicle, home, or other assets. Thoughtfully planning to avoid probate routinely saves our clients and their family members both time and fees.
It is our top priority at Cavitch to title each of our estate planning clients’ assets in a way that will allow their families to avoid probate upon their passing. Probate is always avoidable with proper estate planning and acute attention to detail. Our clients receive a comprehensive financial worksheet that allows them to identify each of their assets. We then work with their financial advisors to title each asset in such a way that avoids probate, plans for the wealth of future generations, and most importantly, provides a smooth transition to their families during a difficult time.
Planning for the future gives clients peace of mind that their families are cared for and that their legacy continues in the event of an untimely death. For more information and a personalized estate plan or estate plan update, you can contact Amanda May at 216-621-7860 or [email protected].