Probate can be a time-consuming and emotional process for your loved ones, especially if you have not taken the proper care to address your estate plan. This is a leading reason why many people choose to meet with a Pasadena estate planning attorney to discuss tools and strategies that may be used to avoid probate. Working with a Pasadena attorney can help you avoid common pitfalls in this process and ensure that the strategies you select are in line with your individual goals.
There are four primary methods to avoid probate. The first is to create a trust. When certain kinds of trusts are created and those assets are properly funded into the trust, those assets do not go through probate at all and transfer separately. The second option is to change certain account designations to transfer on death or payable on death. This allows the beneficiary to step up and own these assets immediately after the principal party passes away.
The third option is to use the right type of joint ownership. If a property is listed as joint owners with right of survivorship, any remaining co-owners will be entitled to receive the property when one person passes away and this can skip the probate process. Leveraging life insurance is a fourth option for minimizing time and energy spent in probate. When structured correctly, life insurance proceeds can also skip the probate process.
Working with an attorney is essential for understanding the ins and outs of this process and verifying your eligibility for each one. Work with a dedicated attorney from our Pasadena estate planning office to get more support and to discuss the best strategies for keeping your assets out of probate.
