March 2023
It can take a while to process an estate through probate. When you also factor in the costs involved and the public nature of probate court, you probably want to exclude as much of your estate as possible from the probate process. Fortunately, U.S. News and World Report describes a variety of ways to allow your family to inherit your property without the need to go through probate. Accounts with beneficiaries Just about any of your assets with a beneficiary designation should avoid probate. This is because, upon your death, the asset will pay its benefits directly to anyone named as a beneficiary. Common examples of beneficiary-assigned assets include retirement accounts such as 401(k)s and annuities. Your workplace may have a pension you can assign to a family member. Your life insurance policy also pays out to whoever you name as a beneficiary. Transfer ownership upon death It is possible to make a provision for some of your accounts and properties to transfer ownership to another person after you die. These include pay-on-death and transfer-on-death designations. Similarly, you can own property in a joint tenancy arrangement with a right of survivorship provision to give your ownership interest to a co-owner following your death. Property in a trust A trust is a separate form of conveying property and money to beneficiaries. Depending on your priorities, you can create a revocable or irrevocable trust. You may also condition your trust to pay out according to specific thresholds and conditions your beneficiaries must meet. Employing these methods may decrease the number of assets that go through probate. As a result, probate for your remaining assets could go faster and lessen the burden on your family.
Making the decision to take the keys away from an aging parent takes careful consideration. With dementia affecting millions of adults every year, everyone should know the warning signs that it is time to take the keys from parents. There are a few indications that safety concerns warrant taking away the keys. Taking new medications Stay informed of every medication that your parent takes. Consider side effects that may alter visual acuity, reaction time and rational thinking. If your parent receives a prescription for something that may interfere with driving abilities, be mindful and consider taking their keys. Trouble driving at night When you notice progressive challenges with nighttime driving, even if daytime driving seems okay, you should consider having a conversation about limiting driving time. Getting lost Even with GPS navigation, cognitive declines can lead to wrong turns, trouble reasoning directions and getting lost. If your parent is getting lost more frequently, discuss the safety concerns and the benefits of taking their keys. Inability to sustain safe speeds With age, cognitive performance can slow down. Sometimes, this results in discomfort with routine speeds on the roadways. If your parent is driving significantly slower than other cars on the road, struggling with lane changes and making unsafe turns, that indicates that the time has come to give up those keys. Keeping your parents and others safe from auto accidents means stepping up and taking away their keys when necessary. Recognizing the signs of trouble can help you intervene before your parents face serious challenges.
