For many people death is scary and taboo, making it difficult for some families to plan for the time that inevitably comes. There is legal action needed to ensure your property and finances end up in the right hands.
Kelley and Ferraro Partner Dayna DePerro explained the various probate processes and how to plan to ensure your property and money go to the proper place on America’s Work Force Union Podcast.
Probate and estate planning
One of the most critical parts of preparing your family is making sure your property and finances end up where you want them to. The probate process includes what is known as estate planning.
There are a few ways that estate planning can be done. First, it can be done through a “transfer on death.” This is a legal setup where a person can sign off their bank accounts to a beneficiary. Immediately upon death. Next, a will can be completed. This is a document that points to where specific pieces of property go when someone passes away.
DePerro said that no matter what you decide when setting up your death fund, include some type of probate. If you do not complete probate, your belongings and accounts are transferred to the state.
She said it is a different story when it comes to wrongful death claims.
If someone dies unexpectedly from a cause that arose from work or something that is not their fault, a personal representative speaks on your behalf and dictates how assets are split. This must be a legal relative or spouse.
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