How do I give my kids control of my assets if I die?
So if I die in an accident, is there a legal document for my son and daughter to use to take care of our real estate property without going to probate court?
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Your instinct to prepare legal documents before your trip is wise. A revocable living trust is one of the most effective tools to avoid probate. It allows you to transfer ownership of assets (real estate, bank accounts, vehicles) into the trust during your lifetime. You remain trustee and beneficiary, and your children are named as successor trustees and beneficiaries. Unlike a will, a properly funded trust avoids probate and lets your children step in immediately to manage assets.
In addition to the trust, you should also:
- Execute a durable power of attorney (for financial matters if you’re incapacitated).
- Prepare an advance healthcare directive (for medical decisions).
Given your travel plans, it’s best to meet with an estate planning attorney right away to draft and properly execute these documents. They usually need to be notarized and witnessed to be valid. Properly executed and funded, these documents will let your children manage your affairs without probate.
Does that make sense?
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So if I die in an accident, is there a legal document for my son and daughter to use to take care of our real estate property without going to probate court?
Lexi, Chatbot
Have you already created a will or trust to outline your wishes regarding your real estate property?
No, not yet. I was going to do that along with this.
Lexi, Chatbot
Are you looking to create a specific legal document, such as a living trust, to help your son and daughter avoid probate court in the event of your passing?
Yes, planning a trip and flying long distance. I want to have things in order in case anything happens.
Lexi, Chatbot
Is there anything else the lawyer should know?
No, not really. We just want to line up some things before our trip—property, bank accounts, retirement accounts, vehicles—so they wouldn't have to go to probate court. I also need to set up power of attorney in another case.
Infolawyer
Good afternoon and welcome to AskaLawyer. Please note, I am hearing impaired and don’t do phone calls.
Good afternoon.
Infolawyer
Your instinct to prepare legal documents before your trip is wise. A revocable living trust is one of the most effective tools to avoid probate. It allows you to transfer ownership of assets (real estate, bank accounts, vehicles) into the trust during your lifetime. You remain trustee and beneficiary, and your children are named as successor trustees and beneficiaries. Unlike a will, a properly funded trust avoids probate and lets your children step in immediately to manage assets.
In addition to the trust, you should also:
- Execute a durable power of attorney (for financial matters if you’re incapacitated).
- Prepare an advance healthcare directive (for medical decisions).
Given your travel plans, it’s best to meet with an estate planning attorney right away to draft and properly execute these documents. They usually need to be notarized and witnessed to be valid. Properly executed and funded, these documents will let your children manage your affairs without probate.
Does that make sense?
Yes, thank you.
Infolawyer
You’re very welcome. Chat anytime, my friend.
Infolawyer
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