Understanding Non-Probate Assets and Why Orbitwills.com can give you the edge you need
When it comes to creating a will, there is a lot to consider. You want to make sure that your estate is distributed according to your wishes and that your loved ones are cared for even if you are not there to take care of them. One important aspect of creating a will is understanding what non-probate assets are and how they differ from probate assets.
If you’re looking to create a will, odds are you’ve heard the term “non-probate assets” thrown around. But what exactly are non-probate assets, and how do they factor in when it comes to estate planning? In this blog post, we’ll break down what non-probate assets are, how they can be handled in your will, and why using Orbitwills.com is a great choice when it comes to creating your will.
What are Non-Probate Assets?
First things first – what are non-probate assets? They are any assets that don’t go through probate after you pass away. This typically includes assets that have a designated beneficiary or ownership structure that allows them to transfer outside of probate. Some of the most common examples include:
- Life insurance policies
- Retirement accounts (IRAs, 401(k)s, etc.)
- Payable-on-death (POD) bank accounts
- Transfer-on-death (TOD) securities
- Joint tenancy property
- Living trusts
How to Handle Non-Probate Assets in Your Will
So, how do you go about handling non-probate assets when creating your will? The main thing to keep in mind is that these types of assets are handled separately from probate assets in your will. You’ll want to make sure that the beneficiaries on non-probate assets are up-to-date and match your wishes, as these assets will go directly to those designated beneficiaries after you pass away.
Another important thing to note is that some non-probate assets may have restrictions or guidelines that need to be followed. For example, certain retirement accounts may require distributions to be made within a certain timeframe or may have penalties for early withdrawals. Make sure you familiarize yourself with any restrictions on your non-probate assets when creating your will.
Here are some things to keep in mind when handling non-probate assets:
- Check Beneficiary Designations: Make sure that your beneficiary designations are up-to-date and accurately reflect your wishes.
- Listing Non-Probate Assets: Create a list of your non-probate assets and identify the beneficiaries for each one.
- Gifting Non-Probate Assets: You can gift these types of assets to specific beneficiaries by putting them into your living trust.
- Trust Accounts: If you own assets that are not transferable through a TOD or POD account, consider creating a trust account to transfer assets to your beneficiaries.
Why Orbitwills.com is a Good Choice When Writing Your Will
Now that you have a better understanding of what non-probate assets are and how they factor into your will, let’s talk about why using Orbitwills.com is a great choice when it comes to estate planning. Orbitwills.com is a user-friendly platform that allows you to create your will online in just a matter of minutes. Their platform guides you through the process step-by-step, making sure you have all the necessary information and provisions in your will.
One great feature of Orbitwills.com is their ability to handle non-probate assets. Their platform makes it easy to designate beneficiaries for your these specific types of assets and ensure that all assets are accounted for in your overall estate plan. Additionally, Orbitwills.com allows you to easily make changes or updates to your will as needed, ensuring that your estate plan stays up-to-date and reflective of your wishes.
At Orbitwills.com, we make it easy for you to create a legally binding will from the comfort of your own home. Our online will-making platform walks you through every step of the process and ensures that your will accurately reflects your wishes.
Here are some reasons why you should choose Orbitwills.com:
- Affordable: Our pricing is transparent and affordable for everyone.
- Easy to Use: Our platform is user-friendly and intuitive making it easy for anyone to create their will.
- Secure: We take the protection of your sensitive information and assets seriously. Our platform uses the latest encryption and security technology to keep your information safe.
- Legally Binding: Our wills are written in a way that ensures they are legally binding and enforceable.
In summary, understanding non-probate assets and how to handle them in your will is an important part of creating an effective estate plan. Using an online platform like Orbitwills.com can make the process easier and more streamlined, ensuring that all aspects of your estate plan are in order. Don’t hesitate to start creating your will today and take control of your estate planning.
Creating a will can be a complex process, but it is one of the most important things you can do for your loved ones. Understanding the difference between probate and non-probate assets is essential to ensure your estate is distributed according to your wishes. By choosing Orbitwills.com, you can create a will that accurately reflects your wishes and ensures that your loved ones are taken care of after you are gone. Contact us today to learn more about our services.