Probate Avoidance Strategies
After you pass away, your estate assets are transferred through the probate and estate administration process. If there were no proper probate avoidance planning before your death, probate court proceedings would take place to distribute your assets. The Law Office of Steve Ortega, PLLC, can help you with probate avoidance strategies, so your family is not left struggling when you pass away.
Avoid Probate
The probate process is costly and lengthy, it is best to have a plan in place to avoid it, and your family does not have to worry about that when you pass away.
Here are a few strategies:
Joint Tenancy-
You can add another person to your assets as a joint owner. This will allow the transfer of your assets without going through probate. This strategy has some downsides; assets can be subject to claims like a lawsuit against the co-owner. This will make your assets available to a creditor while you are still alive and using the assets yourself.
Beneficiary Designations-
With a Transfer on Death or Pay on Death, beneficiary designations can be added to bank accounts. This is preferred instead of joint tenancy since it allows you to transfer property when you die rather than giving current joint ownership. The only downside is that it can be difficult to distribute property among the beneficiaries equally.
Revocable Living Trust-
This legal document allows you to establish a separate entity to hold legal titles of your assets while you are alive. Named Trustees will manage your assets according to the Trust terms. You can name yourself the trustee while you are alive so you can manage your assets to your benefit. If you were to become disabled or die, the Trust terms appoint your successor as the Trustee and will continue to manage or distribute your assets held in the Trust.
The Law Office of Steve Ortega, PLLC, can help you with a probate avoidance strategy. Contact our office today so you can have a good strategy in place to avoid your family having to go through a costly and time-consuming probate process when you die.
