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Probate Versus Non-Probate Assets
Manage episode 412963311 series 3561789
Bill Miller에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Bill Miller 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
In this episode, attorney Bill Miller discusses the difference between probate and non-probate assets. Probate assets are those that are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership. Bill also highlights the probate process, including the responsibilities of the personal representative and the time-consuming nature of probate. He emphasizes the importance of having a will and the potential consequences of dying without one.
Bill explores the benefits of avoiding probate and provides various methods to achieve this, such as beneficiary designations, joint ownership, and trusts. He concludes by discussing the considerations in choosing between probate and non-probate plans, and the impact on business assets.
Takeaways
- Probate assets are solely owned by an individual and do not have any other legal way of transfer, while non-probate assets have designated beneficiaries or joint ownership.
- The probate process can be time consuming and expensive, often taking a minimum of nine months to complete.
- Having a will does not necessarily avoid probate if there are assets that are solely owned and not covered by other legal transfer methods.
- Avoiding probate can be achieved through beneficiary designations, joint ownership, or the use of trusts.
Chapters
(00:00) Introduction and Disclaimer
(01:00) Understanding Probate and Non-Probate Assets
(05:27) Non-Probate Assets
(06:32) Probating a Will
(08:49) Difficulties of Estate Administration without a Will
(10:15) Consequences of Dying without a Will
(11:27) Challenges of Probate Process
(15:14) Methods to Avoid Probate
(18:11) Importance of Beneficiary Designations
(20:34) Choosing Between Probate and Non-Probate Plans
(21:35) Avoiding Probate for Business Assets
Learn More and Connect with Bill Miller
https://millerestateandelderlaw.com/
https://www.facebook.com/MillerEstateandElderLaw/
https://www.linkedin.com/in/bill-miller-estate-and-elder-law-attorney-44036511/
10 에피소드
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