I talk about the often misunderstood process of probate and why simply having a will isn’t enough to avoid it. Most people assume a will guarantees a smooth transfer of assets, but the truth is, many of those assets still go through probate - a public, court-supervised process that can take months or even years and cost thousands in legal fees. I explain why we want to avoid probate and how to do it. There are three main ways I recommend: first, owning property jointly - especially with a spouse - so it transfers automatically; second, using beneficiary designations on financial accounts and insurance policies, which actually override what’s written in a will and allow for faster transfers; and third, setting up a revocable living trust, which keeps everything private, gives you more control, and avoids probate altogether. I share how I’ve seen this work for clients and why smart estate planning is one of the best gifts you can leave your loved ones.
Key Takeaways:
• Probate is a public legal process where a court oversees the distribution of your assets after death.
• Legal fees during probate can cost 3–5% of your estate’s value, reducing what your heirs receive.
• Joint bank accounts transfer directly to the surviving co-owner, skipping probate.
• Roth IRAs must be individual accounts, so naming both primary and contingent beneficiaries is critical.
• Trusts can include specific instructions for how and when beneficiaries receive assets.
• Proper estate planning minimizes stress, cost, and confusion for your loved ones after you pass.
Key Timestamps:
(00:00) – Understanding Probate: What It Is and Why It Matters
(01:00) – The Drawbacks of Probate
(02:17) – Three Strategies to Avoid Probate
(03:26) – Beneficiary Designations: A Crucial Step
(05:41) – Setting Up a Living Trust
(07:21) – Summary and Final Thoughts
(08:15) – Conclusion and Additional Resources
Key Topics Discussed:
BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show
More of Baskin Financial Planning:
Download the Ultimate Military Finance Checklist, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.
Think you might need some financial help? Book an intro call with me to see if we would be a mutual fit.
Questions or comments, drop me a note at: erik@baskinfp.com
www.baskinfp.com/post/68