If you are trying to avoid or minimize probate, there are a few ways to go about this, depending on your specific set of circumstances. To ensure you make the most suitable choice for your goals, you should consider hiring a probate attorney to help you with the process.
Here are a few ways in which you can avoid or minimize probate:
- Add a joint owner to your accounts: You can avoid probate by adding a joint owner to a deed for real estate, an investment account, or a bank account as long as the account is owned as joint tenants with rights of survivorship or jointly owned by spouses. Adding joint owners can have a downside because it can open the joint owners up to liability for each other’s debts as well.
- Use a revocable living trust: Creating a revocable living trust alone is not enough to keep your property from going through probate after your death. You also have to title your assets in the name of your trust after the trust is created. Once your revocable living trust is the record owner of your assets, you can successfully avoid probate once you pass away.
- Consider assigning beneficiary designations: If you have life insurance or any assets held in an IRA or annuity, you can avoid these assets going throughprobate by making beneficiary designations. It is extremely important to review your beneficiary designations on a yearly basis to ensure that your named beneficiaries are still living. If a designated beneficiary passes away and a new beneficiary is not named, the asset would need to go through probate.
Many of the aforementioned approaches work best when combined with one another and, since this can often be a complex process, it is best to hire a skilled attorney to ensure you are able to achieve peace of mind for you and your loved ones.
Contact Finley Williams Law, PA to Hire an Experienced Attorney Today!
If you are looking to either minimize or avoid probate, there are a few options available to you, but it is crucial to obtain the assistance you need to successfully achieve your goals. At Finley Williams Law, PA, we use our knowledge, experience, and insight to effectively advise you on your best course of action and help you navigate the probate process every single step of the way.
For the peace of mind you deserve, contact our legal team today at (727) 280-6837 to schedule a consultation with our knowledgeable probate attorney.