How to Avoid Probate
There are ways you can make sure that most, if not all, of your property goes to your heirs without going through probate. There are a few different ways you can avoid probate, depending upon what your situation is. Follow these guidelines to avoid probate, and make sure your property doesn’t go through the courts hands before it reaches your hairs.
- Make a living trust to avoid probate. If you hold your property in trust after you die, this property will not be part of your probate estate. A living trust is similar to a will, as you specify who you want your property to go to after you die in it. Note that this property will be counted as part of your estate for tax purposes.
- Change your retirement and bank accounts to payable on death accounts. You can do this by filling out a form that allows you to list a beneficiary. If you die, this money goes straight to your beneficiary and will not go through probate. You can also set up your security registrations like this, and vehicle registrations in some states.
- Set up joint ownership property. In this case, if the first owner passes away, the title goes to the second owner and voids probate. When filling out the papers for joint ownership, you will need to state on the paper that shows the ownership how you want the title held.
- Give your property away to someone else while you are still alive to avoid probate. Obviously, if you don’t own the property when you die it won’t go through probate.