Make your wishes clear.

Who receives your assets?

Who can make decisions if you cannot?

How are beneficiaries designated?

How is property owned?

What documents are needed?

Could probate apply?

Could taxes or expenses affect the transfer?

WHAT IS PROBATE?

Probate is a court-supervised legal process that may be required to identify and value certain assets, address debts and claims, and transfer probate assets to the people entitled to receive them. Whether an asset goes through probate depends on factors such as how it is owned, whether a valid beneficiary designation exists, the estate-planning documents in place, and the law of the state involved.

HOW LONG CAN PROBATE TAKE?

There is no single nationwide probate timeline. A straightforward estate may be resolved in months, while a larger, disputed, or otherwise complicated estate can take a year or more. In some circumstances, probate and related litigation can remain open for several years-including potentially four years or longer. The actual timeline depends on the state, court, complexity of the estate, creditor claims, tax issues, disputes, and other circumstances.

Probate does not necessarily mean that a family has no access to any money. However, assets that are tied up in the probate process may not be immediately available to pay mortgages, household expenses, debts, education costs, funeral expenses, or other needs.

This is one reason life insurance can be considered as part of a broader estate and liquidity plan. When a policy has a valid living beneficiary, the death benefit generally passes directly to that beneficiary rather than through probate. The National Association of Insurance Commissioners notes that naming individuals rather than the estate generally allows the proceeds to be received directly and outside probate.

Life insurance claims are not automatically paid in two days. Timing varies by carrier, state, policy, and claim circumstances. Straightforward claims are commonly paid within weeks after the insurer receives the required documentation, while more complicated claims can take longer.

PROBATE ASSETS - May require court administration before beneficiaries or heirs receive them.

LIFE INSURANCE WITH A VALID LIVING BENEFICIARY - Generally passes directly to the named beneficiary outside probate.

LIFE INSURANCE PAYABLE TO THE ESTATE - Can become part of the probate estate and may be subject to the estate's administration process.

If your family needed money immediately after your death, which assets could they access quickly-and which assets might be tied up in an estate or court process?

We can help identify financial considerations, including the potential role of life insurance in providing liquidity and protecting a family's financial plan. Legal and tax matters should be addressed with qualified professionals.

PLAN WHILE YOU CAN STILL MAKE THE DECISIONS.