What is probate, and how can I avoid it?

Probate is a legal process that occurs when someone passes away. It is the process of proving the validity of a will or other testamentary document and distributing the deceased’s assets according to the provisions of that document. In the state of Nebraska, the probate process is handled in the county court where the deceased resided at the time of death. To avoid probate, individuals should create a living trust, also known as an inter vivos trust, before their death. A living trust is a legally binding document in which a beneficiary or beneficiaries are named to receive the assets of the trustor upon their death. With a living trust, the assets avoid probate and are transferred directly to the beneficiaries without court oversight. Living trusts are also beneficial for avoiding taxes and ensuring the privacy of the estate. Another way to avoid probate in Nebraska is to name beneficiaries on financial accounts, insurance policies, and retirement accounts such as IRAs and 401(k)s. If an account has a valid beneficiary listed, the funds transfer directly to that person upon the death of the owner. Additionally, some assets, such as jointly-held property and certain types of life insurance policies, already pass directly to the designated beneficiary upon death and may not need to go through probate. When creating an estate plan, it is important to work with an experienced attorney who is familiar with Nebraska’s probate and estate laws. They can help ensure that all of your assets are handled properly and that you and your family are protected.

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What is probate, and how can I avoid it?

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