10 Dec 3 ways to avoid probate when transferring property
An estate plan ensures a smooth transition of property between family members. Any real property (property that is permanently attached to your land) listed in your will must pass through probate, which can be time consuming and could last for years. There are several options to consider.
#1 Living trusts
With a living trust, you can designate who receives your property and who will be the trustee after you die. The ownership will transfer to show the trust as the new owner. Your named successor trustee can then transfer the property to a named beneficiary. This avoids unnecessary costs and delays of your property going through the probate process.
#2 Joint tenancy
Joint ownership allows your property to pass directly to a spouse or significant other and avoid the probate process. If you live in a community property state, you may want to consider designating any real estate as Community Property with a Right of Survivorship.
#3 Beneficiary deeds
Many states allow you to establish a transfer-on-death or beneficiary deed which lists your property and allows you to designate the beneficiaries who will receive the property after you die. You still own the property while you are alive, and you can change or revoke the deed if you change your mind. The cost is minimal, and the beneficiary deed will ensure your property does not go through the probate process.
By avoiding the probate process for your property, you can save your loved ones unnecessary delays and expenses. We know you want to protect your family and assets after you are gone. The legal experts at Barsh & Cohen can work with you closely to establish an estate plan that meets your goals for the future. Contact us to schedule a consultation and discuss all of your options.