There are multiple ways an estate plan may help your family avoid probate. A deceased person’s property must pass through probate if it is held in the decedent’s name at the time of death unless it was held in joint tenancy with another person or has a valid beneficiary designation.

Joint ownership, which is property owned with another person, will be distributed to the surviving owner automatically upon the other person’s death. In these cases, where the surviving person can prove ownership, no probate will be necessary to transfer the property. Joint tenancy often works well for couples, whether they are married or not, who own equal shares of real estate, vehicles, bank accounts, or other valuable property together.

You may also create payable-on-death or transfer-on-death designations for bank accounts, stocks and bonds, and real estate which allows you to remain in control of the assets until your death. If there are any account funds left, the beneficiary can claim the money directly from the bank, or the stock/bonds account or real estate can be transferred without probate court proceedings.

Additional ways to avoid probate include creating a living trust that covers your specific wishes whether you become incapacitated or upon death. A trust is more involved than a will and gives the person more control over their assets in life and after death.

Your estate plan is unique to your needs. We can help you understand your estate planning legal options, so no detail is left to chance.