How to avoid probate!

How to avoid probate!

Avoiding probate doesn’t have to be difficult. Many people can use these simple and effective ways to ensure that all or some of their property passes directly to their heirs without going through probate court. Hi, I’m Rich Barnes, owner, broker of Realty Experts in West Allis, Wisconsin, 53214. Living trusts are invented to let people make an end run around probate. The advantage of holding your valuable property in a trust is that after your death, the property is not part of your probate estate. That’s because not you, as an individual, owns the trust, but a trustee. After your death, the trustee can easily and quickly transfer trust property to the family or friends that you left it to without probate. Pay on death accounts and registrations. You can convert your bank accounts and retirement accounts to payable on death accounts. Joint tenancy with right of survivorship. Property owned in joint tenancy automatically passes without probate to the surviving owner when one owner dies. Tenancy and its entirety. In some states, married couples often take title, not in joint tenancy, but tenancy by the entirety instead. It’s a very similar to joint tenancy. Both avoid probate in the exact same way. Community property with right of survivorship. If you are married and live in an owned property in Wisconsin, there is another way to co-own property with your spouse that’s available to you. Giving away your property while you’re alive helps you avoid probate. If you don’t own it when you die, it doesn’t have to go through probate, and most gifts aren’t subject to federal gift tax. We do recommend that you seek the advice of an attorney in your area as I am not one, just giving helpful information. If you’d like to see more videos on probate, just click the link below. And as always, you can rely on Thanks and you have a great day.

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