Ways to Avoid Probate

How to Avoid Probate

Learn the most popular ways of avoiding probate.

Why Avoid Probate?

Most of us have heard that it's wise to avoid probate court, here's why.

What Probate Avoidance Can't Change

Avoiding probate is a smart strategy, but it doesn't avoid family obligations, taxes, or debts.

Adding a POD Designation to a Joint Account

Here's an easy way to avoid probate for a joint bank account.

Avoiding Probate: The Small Estate

If your estate is relatively small, you may not have to worry about probate at all. Almost every state now offers shortcuts through probate -- or a way around it completely -- for "small estates." Often, you can claim property by using affidavits and skip probate entirely. Or take advantage of many states' quick, simple procedures for small estates.

Avoiding Probate With Transfer-on-Death Accounts and Registrations

Leave property without probate using payable-on-death accounts, registrations, and deeds.

Avoiding Probate with Joint Ownership

Several forms of joint ownership provide a simple and easy means of avoiding probate when the first owner dies. In fact, many couples conclude that holding title to their major assets as joint owners is all the estate planning they want to engage in, at least while they are younger. To avoid probate by taking title as joint owners with someone else, you state on the paper that shows your ownership (a real estate deed, for example) how you want to hold title. Usually, no additional documents are needed.

Avoiding Probate With Joint Tenancy

Joint tenancy is unquestionably the most popular probate-avoidance device around. And why not? Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Setting up a joint tenancy is easy, and it doesn't cost a penny.

If I name beneficiaries for my bank accounts, should I include them in my will?

If I fill out a beneficiary form for my stock, IRA, or bank account (to avoid probate), should I name the beneficiaries in my will, too? Or will that only muddy the waters? Also, does naming beneficiaries for these accounts help with the overall estate taxes if they are not listed in the will?

How do I set up a payable-on-death account?

How do I set up payable-on-death accounts for my bank accounts? If I establish pay-on-death for my accounts and I die, can the person I have designated on the account get access to my money right away, or is the money frozen?