Ways To Avoid Probate Through A Full Array Of Estate Planning Methods
People often think of the establishment of trusts when they hear the phrase “avoid probate.” Indeed, a trust typically allows a trustee to distribute assets without the involvement of a probate court after someone dies. However, trusts are not the only way to build the avoidance of probate into an estate plan. There may also be ways for close family members to bypass probate for certain assets after a loved one’s death.
At Hayes Copenhaver Crider Harvey, knowledgeable attorneys advise estate planning and probate clients in the most advantageous ways of transferring assets after a death. In our counsel, we focus on the intentions of the deceased as well as the interests of our clients. We often help married couples put legal protections for each other in place in other ways besides just through wills.
How To Pass On Assets Without The Probate Court’s Involvement
With years of experience and a strong reputation in the Castle Rock community, we are pleased to be able to help clients pursue their goals of avoiding probate through trusts and through methods such as the following:
- Joint ownership of vehicles, financial accounts and other types of property
- Joint tenancy of real estate property
- Beneficiary designations on life insurance policies
- “Payable on death” and “transfer on death” designations for bank accounts, stocks, real estate deeds and vehicle registrations
- Small estate settlements for estates below a certain size, sometimes achieved through affidavits and summary probate processes
It is easy for people to feel lost in the woods when they are unaccustomed to these and other ways of avoiding probate. An in-depth conversation with one of our estate planning attorneys is an efficient way to start putting tools in place for the future settling of your own estate (or the imminent settling of a loved one’s estate) with or without probate.
Personalization Is Highly Recommended
Each person, family and estate has unique considerations to take into account. Do not risk leaving funds unclaimed or losing out to excessive taxation because you did not understand how to transfer assets most effectively. Consult with one of our attorneys as part of your estate planning or as part of your duties as an executor or personal representative while settling an estate.