Upon your passing, your estate could end up in probate. All your affairs will become public record, there can be delays on the paperwork, and there will, of course, be attorneys' fees. Jason Hosler rejoins us today to talk about avoiding probate.

First, review all your beneficiary designations for all your bank and brokerage accounts. These designations are Payable on Death (POD) for bank accounts and Transfer on Death (TOD) for brokerage accounts. You want a primary, secondary, and tertiary beneficiary for each. And make sure everything is clearly documented!

In community property states, including Arizona, you can leave real estate to your spouse with a full step-up in basis, meaning they don't have to recognize or pay capital gains tax on the property. But beware of the trap of retitling a home to your children - Jason explains the pitfalls here.

A living trust can also be an essential tool - not when you die, but when you don't. Examples of this include any health incident or incapacitation that prevents you from running your own affairs.

Probate isn't all bad. I explain some situations where probate may be the appropriate tool for your estate.

We wrap up by discussing digital assets. So much of our lives are now online. With that comes a whole new realm of access and documentation you must be aware of.

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/

Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

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