Having a lawyer prepare documents now that will leave your assets and property to whomever you desire costs about one fifth of what probate proceedings will cost. It is also private, whereas property given in a Last Will and Testament is not private, but a public record.
A non-probate transfer is a document prepared by an attorney that allows you to leave your home, money, bank accounts, stocks, bonds, motor vehicles and just about anything else to your children or anyone you designate. No probate is necessary.
There are several ways to leave property or your assets to whomever you want after you die.
With a Revocable Living Trust you can control distribution of your property from the grave by putting conditions on how and when your beneficiaries receive your property.
For example, you could state your son or daughter gets no money or property unless they finish college first or unless they attain the age of 35 years old first.
You can also spread out the payments over several years. Additionally, most creditors cannot touch the money your beneficiaries receive from your Spendthrift Trust.If you don’t make provisions for the person who will receive your property after your death then the state will decide the person(s) who will receive your property.
Remember that you are always in control of your assets with a properly drafted estate plan. You can change, delete or modify the person(s) who will receive your property at any time for any reason.