There are a number of ways to avoid probate in estate planning. Some methods are simple enough that you can do them yourself, while others require the assistance of an experienced attorney. The most important thing is to reduce the value of your estate so that it does not require a full probate process. This can be done by giving away assets while you are alive. This also has the added benefit of lowering estate taxes.
Another way to avoid probate is to use forms of joint ownership such as tenancy by the entirety or joint tenancy with rights of survivorship. These types of ownership arrangements typically do not require a probate process, and they can work with real estate as well as financial accounts. Other assets that can be transferred without a probate process include life insurance policies and other asset accounts that allow you to name beneficiaries (such as IRAs, 401(k)s and annuities). These types of accounts bypass the probate process and are paid directly to the beneficiary upon your death.
Non-titled property, such as personal items and household goods, also generally does not require a probate process. These items can be distributed to beneficiaries using the instructions in your will or through a trust commonly called a revocable living trust. These trusts allow you to avoid the cost and delay of a probate process and pass your non-titled property directly to beneficiaries, minimizing or eliminating estate taxes.
The costs associated with a probate can add up quickly. Filing fees, newspaper publishing fees and attorney’s fees can all be substantial. Furthermore, the time involved in resolving the matter can be stressful for beneficiaries and family members who are already grieving.
By avoiding probate, you can save your loved ones the expense of a court proceeding, protect your privacy and preserve your family’s wealth for future generations. The best way to avoid probate is with advance planning, which should always involve the assistance of an experienced attorney.
If you would like to discuss strategies for avoiding probate, please contact us for an appointment. We can help you create an estate plan that meets your needs and objectives. We understand that everyone’s situation is unique, and we will work with you to provide the highest quality of service. We will review your situation and recommend a course of action that is appropriate for you. We charge an hourly fee for our services, or you can purchase a complete estate package that includes a complete set of documents prepared by one of our attorneys. This package is available for $195 plus taxes. We also offer an online document assembly program for more basic planning needs. Click here to learn more.
