Is there a way to get around probate?
To avoid probate, consider these 10 strategies that require thoughtful planning and legal advice:
Create Living Trusts: Establish a revocable living trust to own assets, allowing them to bypass probate. This offers privacy and control while alive.
Establish Joint Ownership: Use joint tenancy for non-real estate property, ensuring automatic transfer of ownership upon one owner's death.
Leverage Beneficiary Designations: Designate beneficiaries for accounts like IRAs and bank accounts to allow direct transfer upon death, avoiding probate.
Use Transfer-on-Death Securities: Designate beneficiaries for securities and mutual funds to simplify asset transfer.
Apply TOD for Motor Vehicles: In some states, designate a beneficiary on vehicle registrations to transfer ownership without probate.
Utilize Small Estate Provisions: Many states offer expedited probate for small estates, allowing for simplified processes or direct inheritance by a spouse.
Transfer-on-Death for Real Estate: Some states allow real estate to bypass probate through a TOD deed, transferring ownership upon death.
Joint Ownership for Real Estate: Joint ownership with survivorship rights ensures automatic transfer of property to the surviving owner.
Gift Property: Gifting property during your lifetime avoids probate, but be aware of potential tax implications and loss of usage rights.
Consult an Attorney: For tailored advice and to navigate the complexities of Legacy planning and probate laws effectively. Our office can effectively address any legal questions about probate. If you have any questions, please fill out the following form below and a probate lawyer from our office will get back to you.
