Explore Ways To Avoid Probate Or Minimize Its Impact On An Estate
It is commonly understood that good planning now can prevent problems and headaches later, and that’s certainly true about estate planning. With the right tools and legal guidance, you can create an estate plan that all but eliminates the need for probate.
There are numerous reasons to want to avoid probate. First, it can be expensive and time-consuming. Next, it creates publicly available records about your estate, which you may not feel comfortable making public. Finally, it burdens your loved ones during an already difficult time. Therefore, avoiding probate is a worthwhile pursuit. At Avalon Legal Group our attorneys are ready to help you do just that.
Get To Know Your Legal Options
Here are some of the common tools we may use to help you avoid probate:
A revocable trust: Why are trusts useful estate planning tools? By placing your assets in a revocable trust and naming yourself as the trustee, you continue to control your assets throughout your lifetime (or until you revoke or alter the trust). Once you pass away, the assets are distributed to named beneficiaries chosen by you. These assets are generally not subject to probate.
Joint ownership designations: If you co-own an asset or piece of real property with someone else (often a spouse), your ownership stake automatically transfers to the co-owner upon your death (or vice versa if the other person passes away first). This jointly owned property would not be considered part of your estate.
Payable-on-death accounts: This arrangement with your bank or financial institution allows you to name a beneficiary for the assets held in the account. Once you pass away, the beneficiary can inherit the money directly without going through the probate court.
Gifts: If you give away assets and property to loved ones while you are still living, they are no longer part of your estate. As an added benefit, you get to see your loved ones enjoy their inheritances.
There is no substitute for case-specific advice, which is why it’s a good idea to speak with one of our attorneys about the most effective methods for avoiding probate and passing on your estate in the most efficient manner.
Get Your Estate Planning Questions Answered — Contact Us Today
Avalon Legal Group is proud to serve clients in and around the Las Vegas area as well as in Henderson and Clark County, and throughout Nevada and California. To schedule your initial consultation with one of our skilled lawyers, call us at 702-522-6450 or send us an email. We offer our services in English, Russian, Spanish and Farsi. Se habla español.