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#106 – 3 Simple Ways to Avoid Probate Costs

3 Simple Ways to Avoid Probate Costs –

Name a Beneficiary. The probate process only applies to those accounts or other property that are in your name at your death. By naming a beneficiary, these accounts and other property will be transferred to the named individual without any court involvement.

Own Property Jointly. Probate can also be avoided if the property you own is held jointly with a right of survivorship. Similarly to a beneficiary designation, joint ownership has the effect of automatically transferring the ownership upon your death.

Create and Fund a Revocable Trust. Once the Revocable Trust has been created, and you have properly transferred the ownership of your accounts and property to the Revocable Trust by re-titling them into the name of the trust, you remain in charge of all legal decisions until your death as the trustee, and you retain the enjoyment of those accounts and property as the current beneficiary. After your death, your named successor trustee will manage and distribute your assets – according to your wishes. A trust works well if it is properly created and funded by an experienced estate planning attorney.