When we leave this earth and our souls pass to be with the Lord, our survivors are left behind to manage our affairs and our physical belongings, otherwise known as our stuff.  By planning ahead and we can relieve our loved ones of the suffering that comes with dealing with probate, attorneys and a drawn-out process. They are already suffering emotionally. Why add more to their burden when a little planning can ease their pain?  Today, we’ll be discussing how to bypass probate for our stuff. The physical things of value that we leave behind, primarily, our homes and vehicles.

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As a Lockheed Martin employee, you have benefits such as life insurance and a 401(k) that both list specific beneficiaries.  By listing specific beneficiaries, you have taken the steps necessary to bypass probate because a beneficiary allows your assets to transfer directly to the person you specified.  Your personal property like your home or your vehicle doesn’t naturally come with the ability to list a beneficiary.  To bypass probate for your home or your vehicle, most people think you need to have them owned by a trust.  It is true that if you do have your personal property owned by a trust, then those items will bypass probate and be handled according to the rules of the trust.  But not everyone needs a trust and most everyone owns a car or a piece of real estate.  So, what does that person do who owns a car and a home but doesn’t need a trust?  You add a beneficiary to your car and home.

How in the world do you add a beneficiary to your home and auto, you might be asking?  Well, the answer might surprise you as many people do not even know this possibility exists and it’s quite easy to do! To add a beneficiary to your vehicle, at least in Texas, all you need to do is fill out a couple forms and file them with the Department of Motor Vehicles (DMV).   You can find the full instructions HERE, but the gist of it is you complete the Beneficiary Designation for a Motor Vehicle (VTR-121), then the Application for Texas Title and/or Registration form (130-U), which will reissue the title with the beneficiary’s name on it and add the beneficiary to the DMV database, and submit them both to the DMV. Voilà, you now have set up your vehicle to bypass probate and transfer directly to your beneficiary.

Surprise, you can do something very similar with your home or real estate.  Adding a beneficiary and bypassing probate is done by adding a Transfer on Death DeedTexasLawHelp.org has put together a toolkit to walk you through the process and tells you everything you need to know.  You can even find their frequently asked questions HERE. In short, you will obtain a copy of your current deed from the county clerk.  Then, you fill out the necessary forms, having legal assistance to help you fill it out is highly recommended.  Next, have the documents notarized and file them with the county clerk.  Tada, you’ve done it again!  You’ve bypassed probate and allowed your home and real estate to directly transfer to your beneficiary.

These are the kind of things our Lockheed Martin specialists can share with you when you do your comprehensive financial planning through us!  We’re not just experts on your benefits but in every area of planning.  Give us a call today at 817-210-3444 or click HERE to book a complimentary consultation!

For more tips like these, click here to sign up for our weekly email blog newsletter. If you would like to get better educated on Lockheed retirement strategies, click here to download our Free Report titled Retire with Confidence: The Top 4 Things You Can Do Now to Maximize your Lockheed Retirement. And, if you want to have face time with a Lockheed Retirement Specialist², you can click here to schedule an appointmentclick here to sign up for our Lockheed Retirement Workshop or click here to just give us a call (817) 210-3444.

Be sure and check back next week for more incredibly valuable information. Cheers!

Disclosures*

Financial Planning and Investment Advisory offered by SWMG, LLC a Registered Investment Advisor.

Lockheed Martin Retirement Specialist is not an official title or professional designation nor is it conferred by Lockheed Martin on any individual or company.

Our Complementary consultation and free report are for informational purposes only and provided free without any obligation to utilize or retain our investment advisory services.

SMWG, LLC is not affiliated with or endorsed by Lockheed Martin Corporation. Our expertise comes from working with LMT employees for several years and helping them to retire with confidence.

Investing involves the risk of loss, including loss of principal. Past performance does not guarantee future results. Investment products are not FDIC insured, have no bank guarantee, and may gain or lose value. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will be profitable for a client’s investment portfolio.