Dear Friend,

Probate can be a nightmare for your family. The process can take months or even years, tying up your assets and preventing your loved ones from accessing what they need. Probate fees, including court costs and attorney fees, can quickly add up, reducing the value of your estate. Additionally, probate is a public process, meaning anyone can access the details of your estate, compromising your family’s privacy.

By avoiding probate, you ensure that your assets are distributed quickly, efficiently, and privately. This minimizes stress and financial burden on your loved ones during an already difficult time.

Tips for Avoiding Probate

1. Create a Living Trust

A living trust is one of the most effective tools for avoiding probate. When you create a living trust, you transfer ownership of your assets to the trust while you’re still alive. You can manage these assets as the trustee and specify how they should be distributed upon your death. Because the assets are technically owned by the trust, they do not go through probate.

How to Benefit: Setting up a living trust ensures that your assets are distributed according to your wishes without the delays and costs associated with probate. It also provides privacy, as trusts are not public records.

2. Designate Beneficiaries

For certain assets, such as life insurance policies, retirement accounts, and payable-on-death (POD) bank accounts, you can designate beneficiaries. Upon your death, these assets will go directly to the named beneficiaries, bypassing probate.

How to Benefit: Designating beneficiaries is a simple way to ensure your assets are transferred quickly and without legal hurdles. Make sure your beneficiary designations are up to date and reflect your current wishes.

3. Joint Ownership

Holding property jointly with rights of survivorship is another way to avoid probate. When one owner passes away, the surviving owner automatically becomes the sole owner of the property.

How to Benefit: Joint ownership ensures that property passes directly to the surviving owner without going through probate. This is commonly used for real estate and bank accounts.

4. Gifting Assets

During your lifetime, you can gift assets to your loved ones. This reduces the size of your estate and the amount of property subject to probate.

How to Benefit: Gifting allows you to see the joy and benefit your loved ones receive from your assets while also reducing the potential for probate complications. Be mindful of gift tax rules and limits.

5. Use Transfer-on-Death Deeds

Some states allow you to use transfer-on-death (TOD) deeds for real estate. This means you can name a beneficiary who will automatically inherit the property upon your death, without the need for probate.

How to Benefit: A TOD deed is a straightforward way to ensure your real estate passes directly to your chosen beneficiary, avoiding the delays and costs of probate.

The Consequences of Ignoring Probate Avoidance

Failing to plan for probate can have serious consequences. Your loved ones may face lengthy delays and high costs, which can significantly reduce the value of their inheritance. The public nature of probate can also expose your family’s financial affairs to scrutiny, potentially leading to disputes and additional stress.

Without proper planning, the distribution of your assets may not align with your wishes. The probate court will follow state laws, which may not reflect your personal intentions. This can lead to unintended outcomes and family conflicts.

Why You Need to Act Now

Avoiding probate requires proactive planning. The sooner you start, the more options you have and the better protected your estate will be.

At Bascom Law, we specialize in helping clients like you create comprehensive estate plans that avoid probate and protect your loved ones. Our goal is to provide peace of mind and ensure your legacy is preserved. Contact us today at 770-285-5493 to schedule a consultation and start planning for a smooth estate transition.

Your legacy is too important to leave to chance. Let’s work together to ensure your estate is managed efficiently, privately, and according to your wishes.

Sincerely and thanks,

Mike Bascom

Bascom Law, PC