Question 18: Can I keep heirs from probate?
- How can I keep my heirs from having to go through probate? Besides setting up a Living Trust, there are a few other ways to avoid probate. The property can be set up with a joint tenancy or a life estate form of ownership. Bank accounts and securities investments (stocks and bonds) can designate a “payable on death” beneficiary. A married couple can sign a devolution agreement. Or the property can be given away to friends of family prior to death. Unfortunately, these alternatives usually have significant adverse tax or other implications. A person should confer with an attorney before deciding to use one of these options in order to avoid probate.
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