How Can I Avoid Probate?
There are really two ways to avoid probate:
Piecemeal Approach: You can name beneficiaries on each of your bank and brokerage accounts, place your real estate into joint ownership with the persons that you want to inherit the property, put children’s names on vehicle titles, etc. But bear in mind that placing real estate and vehicles into the name of your children exposes your home and cars to claims by your children’s creditors. And it is a one-way trip: If there is a falling out between the parents and the children, or if the child’s creditors want to have the parents’ home sold, the gift cannot be reversed.
Universal Solution: The creation of a Family Trust or Living Trust, on the other hand, avoids probate entirely. Plus your heirs will not have any interest in your home, cars, and accounts until you’ve passed away. So you can tinker with your estate plan after it is originally created. Safer and more flexible.
Author: Barry Peters. For additional easy-to-understand information on Wills, Trusts, and Probate, call attorney Barry Peters’ offices at (208) 939-2600 for your expedited appointment for a FREE OFFICE CONSULTATION or visit his Q & A pages at BarryPeters-Law.com/answers-to-questions. As always, your total satisfaction is guaranteed by Barry Peters, Attorney at Law, where all clients receive individual attention to the details of their unique circumstances.