Many individuals would prefer to avoid the privacy invasion into their private financial affairs that may result from the probate of an estate. In addition, court involvement also means a schedule set by the court, which may involve a delay of weeks or months.
What happens if a loved one forgot to name a beneficiary for an asset that was titled in his or her name only? Keep in mind that the right of survivorship generally requires property to be jointly titled in the name of the decedent and the surviving spouse or other individual.
Attorney Minerva Vazquez featured on
Parents Should Know The ABC's Of Special Needs Trusts
By Shelly Shwartz
Special needs trusts serve another important purpose, too, according to Minerva Vazquez, an attorney with Miami law firm Frye & Vazquez, who specializes in the area of special needs estate planning.
Although jointly owned assets do not require probate before passing to a surviving spouse, it’s still a good idea to consult with an attorney when a spouse passes.
Protecting one’s financial assets is about more than just investment strategy in the here and now. Our law firm recommends that individuals who are interested in planning for their future should make choices that include the areas of real estate, estate planning and elder law.