Walsh College

Provide Family Support During Estate Administration

During the administration of an estate, many assets could effectively be tied up — outside the reach of family members.  It is important in planning your estate to keep some assets out of the probate process to meet the short-term cash needs of surviving spouse and family.  Although states generally provide allowances for the relief of the spouse and family, such amounts can be woefully inadequate.

There are several ways to provide a source of funds for family outside the probate estate.  These include:

  • Transfer of assets to the spouse before death; for example, to his or her bank account.

  • Purchase of life insurance.

  • Titling of assets jointly between spouses.

  • Beneficiary designations on IRA.

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