Top Four Ways to Avoid Probate
Probate is tiring, costly, and takes a long time. Because of this, some people do not want to impose probate on any of their heirs, devisees, or beneficiaries. In today's video we talk about the top four ways of avoiding probate. These include:
TOD Deeds or POD Accounts: Using Transfer on Death Deeds allows someone to transfer real property outside of probate. Pay on Death Accounts allows a person to do the same with various financial accounts.
Joint Accounts & Ownership: If someone has a joint account or joint ownership of property, then as long as one of the joint owners survives, the account or property avoids probate.
Gifts: Giving gifts while alive keeps the gift from going into probate. It also allows the gift giver to see the benefit of the gift while they are alive.
Revocable Living Trusts: Putting your assets into a revocable living trust means that you don't technically own the property at your death. Since probate is only for property you own, that property avoids probate.
If you are looking to explore strategies for keeping your estate out of probate, contact Signature Law for a free consultation.