Skipping Probate!
Pt. 2 Episode with Jane
Let’s talk about probate — and why I’m a big fan of avoiding it.
Hi lovely listeners!
Apologies for the delay as I’ve been sick! Terrible case (and my first case) of double pink eye. Although I didn't take it for granted, it's lovely to see it again!
In part 2 of my conversation with Jane, we discussed how prevalent mistakes can be in the financial industry, so it is always important to double-check the math and confirm information with the vendor.
This may mean speaking to more than one person!
We also talked about skipping probate. Here is the definition of probate…
Let’s talk about probate — and why I’m a big fan of avoiding it.
Probate is the court-supervised process that happens after someone passes away. It confirms that a will is valid, identifies and values assets, pays off any debts and taxes, and then distributes what’s left to the rightful heirs.
If a will exists, it has to go through probate. That’s right — a will = probate.
Even if you’ve watched House of Guinness and seen that dramatic “reading of the will” moment — that’s essentially a probate proceeding in real life.
The catch? Probate can be public, lengthy, and expensive. That’s why I encourage my clients to set up their estate in a way that avoids probate altogether.
You can do this by:
💡 Adding beneficiary designations to retirement accounts.
💡 Using “Pay on Death” (POD) or “Transfer on Death” (TOD) for bank and brokerage accounts.
💡 Titling real estate with a Transfer on Death Deed (TODD) (in NY) or a Lady Bird Deed (in FL).
And for more complex assets, a revocable trust can be a great tool — but we’ll save that lesson for another day.
As always, consult with an estate planning attorney to make sure your plan fits your unique situation.
This is for educational purposes only.
xoxo,
Barbara
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The content in this podcast is for informational purposes only. All investment strategies and investments involve risk of loss. Nothing contained in this podcast should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.