Living trusts are probably the best-known way to avoid subjecting your family to the hassle and expense of probate court proceedings after your death. But there are many other good probate-avoidance techniques, which you can use in addition to or even instead of a living trust. What's right for you and your family will depend on your unique circumstances.
Here are some easy-to-use methods of avoiding probate for different kinds of assets. Best of all, many of these methods are absolutely free!
Learn the most popular ways of avoiding probate.
Most of us have heard that it's wise to avoid probate court, here's why.
Avoiding probate is a smart strategy, but it doesn't avoid family obligations, taxes, or debts.
Here's an easy way to avoid probate for a joint bank account.
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.
Leave property without probate using payable-on-death accounts, registrations, and deeds.
Several forms of joint ownership provide a simple and easy means of avoiding probate when the first owner dies. Learn how joint ownership of property can sometimes help you avoid probate.
Joint tenancy is a popular probate-avoidance device—it works well and doesn't cost a thing.
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 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?
For those who inherit real estate through a TOD deed, getting title to the property is faster, simpler, and less expensive than going through probate.
If you want to leave behind real estate using a TOD deed, make sure it meets your state and county's requirements.
If your state allows it, consider naming a transfer-on-death (TOD) beneficiary for your vehicles.
Payable-on-death bank accounts offer an easy way to keep money—even large sums of it—out of probate.
Here's an easy way to avoid probate for a joint bank account.
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?
Retirement plans can be a significant part of your estate plan.
Eventually, you must take money out of your non-Roth retirement accounts every year—or pay hefty penalties.
Probate court proceedings (when a deceased person's assets are transferred to the people who inherit them) can be long, costly, and confusing.
Probate court proceedings (during which a deceased person's assets are transferred to the people who inherit them) can be long, costly, and confusing.
Probate court proceedings can be long, costly, and confusing. Learn how New York families can save time, money, and hassle
Probate court proceedings can be long, costly, and confusing. Learn how Texas families can save time, money, and hassle
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