The most common method of avoiding probate includes creating a trust that holds your assets rather than a will. It is also possible to decrease the quantity of property going through probate by giving gifts to members of your family or other types of beneficiaries before dying. Here are three other ways to avoid probate:
Pay-on-Death Accounts
If you’re looking to transfer cash upon your death, you might consider a pay-on-death account. For any checking or savings account, it is possible to provide your bank with a form that names the people who ought to get the money that remains in the account once you pass. It doesn’t give the beneficiary rights to the contents of your account during your lifetime, and it doesn’t keep you from withdrawing money from your account.
Transfer-on-Death Accounts & Deeds
It is possible to transfer securities accounts or securities to beneficiaries or a beneficiary of your choice without having to go through probate upon your death. Obtain a form from a broker to schedule a transfer-on-death registration of an account. If you want to transfer individual securities, get help from a company transfer agent who issued them.
Joint Tenancy & Tenancy by Entirety
In a joint tenancy, which designs a right of survivorship and enables it to transfer to other owners after you pass without having to go through probate, it is possible to opt to own your property. A joint tenancy is available for any kind of property, but it’s more commonly utilized for real estate. Owners may begin a joint tenancy by just calling themselves joint tenants with a right of survivorship in the paperwork showing their property ownership. You can’t give your share of your property to anybody except other joint tenants. If you choose to do so, it’ll end the joint tenancy with respect to the brand-new tenant, even though the joint tenancy remains in effect among other joint tenants with respect to each other.
To discuss more information about Estate Planning, Probate, Medicaid, LGBTQ legal services; contact Blackburn Law Firm today at 727-826-0923.
