Going through probate can be a nightmare for beneficiaries. Because of the long process, people could wait weeks or months before receiving their inheritance. Thankfully, there are legal ways to avoid probate. Taking these steps can prevent headaches for beneficiaries.
What Is Probate?
When someone dies, they leave their assets to beneficiaries. Individuals create wills to ensure the courts carry out their final wishes. Probate is the process of verifying the validity of wills. To learn more, keep reading below.
Ways to Avoid Probate
There are multiple ways to avoid the probate process, according to realtimecampaign.com. Avoiding probate saves beneficiaries time, money, and aggravation. The following tips should help individuals avoid probate and ensure their beneficiaries do not experience stress when claiming their inheritance.
Give Property to Beneficiaries
One sure way to avoid probate is to give away property before death. Individuals should never give away all their assets, but giving away a portion of their property ensures beneficiaries can avoid the probate process. Gifts can also be included in the estate plan. It is essential to understand that gifts over a certain value may be subject to the federal gift tax.
Joint Ownership
Those who own real estate can establish joint ownership with beneficiaries. When one of the owners dies, the property title passes to the surviving owner. Many people will need to seek Harbor Law to get help setting up joint ownership legally.
Pay-On-Death
Individuals also have the option of setting up their financial accounts to pay-on-death. POD is preferable to many people and works better than joint ownership because the beneficiary does not have access to the funds until the account holder dies. Account holders can designate two or more beneficiaries, and the amount will be split among them.
Transfer on Death for Vehicles
Vehicle owners who want to pass on their cars to beneficiaries can decide to set up a transfer on death. TOD is available in many states, but not all. Individuals should check with their state laws to see if this option is available.
Living Trusts Are Often the Soundest Option
Those with a large estate will find setting up a living trust to be a viable option for avoiding probate. Many people set up a revocable living trust because it can be broken and changed at any time. Individuals interested should read Cortes Law Firm: How To Avoid Probate.
Schedule a Consultation with a Lawyer
Avoiding probate is legal and easily attainable, especially with help from a lawyer. Many lawyers offer free consultation appointments to new clients. Learning about the options will help individuals get started on the steps above, including setting up a revocable living trust.
No one wants their heirs to go through stressful probate processes. The ideas above are easily executed in most states. By taking precautions now, individuals can help their beneficiaries avoid a long and stressful probate process through the court system. Getting legal assistance from the very beginning assures there are no loopholes in the living trust. Now is the time to seek these legal services and get the estate in order.
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