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The following article was published in our article directory on April 13, 2018.
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5 Ways To Avoid Probate

Article Category: Legal

Author Name: Jeffrey R Loew, Esq.

Many people would say that probate is an expensive nightmare that should be avoided. That�s because the probate process is tedious and the fees are incredibly costly. Given these two primary reasons, it�s wiser for anyone to ensure that his or her successors will not be subjected to probate administration or probate litigation in the future.

1. Living trusts

A revocable living trust is a legal document that will take effect while the individual who wrote it is alive and well, when he or she becomes mentally incapable, or dies. Once all the testator�s assets are named under the trust, the probate can be avoided.

Consequently, anything that is not under the trust administration will be subject to probate unless there�s a beneficiary designation or rights of survivorship.

2. Transfer-on-Death Accounts and Registrations

A transfer on death or TOD is a legal registration allowing ownership over a particular account to be distributed upon the owner�s death. The beneficiary could be an individual, institution, or a charity organization.

Without a TOD, properties and accounts should pass through probate for examination of legal documents and see if there�s any complication with the heirs. If the beneficiary passes away, the properties will be subject to probate.

3. Joint Ownership With Rights of Survivorship

A jointly owned account or property with the �right of survivorship� can evade the probate process because the living owner will automatically have ownership of assets once the other passes away. This way of avoiding probate requires a written document consisting of all the assets that are jointly held. The most common forms of joint ownership are as follows:

Joint Tenancy with a Right of Survivorship

This method suggests that co-owners hold property, and if one co-owner dies, the remaining owner will have the right to decide transactions of the estate. The properties will not pass probate or be scrutinized under inheritance law or the terms of the deceased�s wills & trusts.

Tenancy by the Entirety

This method is only applicable to the married couples. It possesses similar provisions with the Joint Tenancy, however, unlike Joint Tenancy, neither of the spouses can break up the tenancy without the permission of the other. Tenancy by the Entirety will take effect after one spouse dies. The living spouse will then receive the other portion of the property.

Community Property

Community property with �survivorship� refers to a property co-owned by a married couple. An example of this is income or wages. Holding property as �survivorship community property� or the assets equally owned by a married couple avoids probate since the property will be immediately transferred to the living spouse.

4. Specify Beneficiaries on your Bank and Retirement Accounts

defining beneficiary designations for investment, bank, and retirement accounts can save money and speed up the transfer of inheritance to the rightful heirs. Overseeing of properties under court supervision could be prevented if the owner of the accounts designates a person to preserve and control his or her estate upon his or her passing.

5. Small Property

Almost all states in the US now offer a shortcut for estate holders and inheritors to speed the inheritance process. Under the expedited probate law, if the value of an estate is below a certain amount, then there�s a chance that probate and trust & estate litigation will not be necessary.

Assets, except real estate, may skip probate if the inheritor of the small estate can present a document claiming he or she is entitled to the property under a will. This requires an affidavit or a legal document that is signed under oath and with witnesses.

Keywords: Probate Administration | Probate Litigation | Estate Planning | Estate Litigation | Wills & Trusts| Trust & Estate Litigation | Trust Administration | Elder Abuse Litigation|Civil Litigation

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