The Best Way To Protect Your Family Heirlooms From Probate

The probate process allows your assets to go to the right people. But, there is one problem: probate is an expensive process and, in order to pay off the fees associated with probate, the assets within your estate are often used.

Even though it is unlikely, your family heirlooms could be taken, from your estate, to pay off the fees associated with probate. This is one risk that must be honored, alongside the risk that your heirlooms could be misplaced.

Going over the best way to protect your family heirlooms from probate, while speaking with an experienced estate planning lawyer at Millhorn Elder Law Planning Group will help you protect your family heirlooms.

What Is The Best Way To Protect Your Family Heirlooms From Probate? 

The best way to protect your family heirlooms from probate is as follows: develop an irrevocable trust that contains your family heirlooms, as well as any of the other assets you would like to give to each of your family members.

Just as an example, if you have a grand piano you want to give to your daughter, you can develop an irrevocable trust. And, you can put this grand piano in the trust, so that it is no longer, technically, yours.

Right after you pass away, this grand piano will, with the help of your trustee, go to your daughter. This piano will not go through probate and your debtors will be unable to access it to pay off any of the debts they claim you owe.

The basis for the two points outlined above is as follows: your piano will not go through probate as it does not need to and debtors will be unable to access this probate since it belongs to the trust instead of you.

How Can You Ensure Your Family Heirlooms Go To Your Chosen Beneficiaries? 

To ensure that your family heirlooms go to your chosen beneficiaries, you must develop a list of all the family heirlooms you want to give to your beneficiaries.

Returning to our earlier example, if you want to give a grand piano to your daughter, you must outline this within the list. And, this is true, for every single family heirloom that you want to give to your beneficiaries.

Outside of developing a list that clarifies your wishes, you must speak with your trustee about these wishes. Doing so will prevent them from making any errors, ensuring that every single one of your estate planning wishes is met.

To ensure that your trustee honors your wishes – including the list you develop for them – you must choose someone you trust. This can be difficult but, if you work with a lawyer and talk to your family, it will be much easier. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to develop a trust, you should work with a lawyer who can help. Speak with a Florida estate planning lawyer today to develop the trust that you need.

 Sources: 

law.cornell.edu/wex/probate

law.cornell.edu/wex/irrevocable_trust