How Can I Avoid Probate with a Will or Trust?

Probate is the legal process of administering a deceased person's estate. It can be a time-consuming and expensive process, and it can also be a public record. For these reasons, many people try to avoid probate if possible.

There are two main ways to avoid probate: using a will or using a trust.

Using A Will To Avoid Probate

A will is a legal document that directs how your assets will be distributed after your death. If you have a valid will, your assets will be distributed according to your wishes, and probate will not be necessary.

There are a few things you need to do to make sure your will is valid:

• You must be of sound mind and body when you sign your will.
• You must sign your will in the presence of two witnesses.
• The witnesses must also sign the will.

Once your will is valid, it will be filed with the probate court. When you die, the probate court will oversee the distribution of your assets according to your wishes.

Using A Trust To Avoid Probate

A trust is a legal entity that holds assets for the benefit of another person. When you create a trust, you transfer your assets to the trust. The trustee of the trust then manages the assets and distributes them to the beneficiaries according to your instructions.

There are many different types of trusts, but the most common type of trust used to avoid probate is a revocable living trust. A revocable living trust allows you to retain control of your assets during your lifetime. You can also make changes to the trust at any time.

When you die, the assets in your revocable living trust will be distributed to your beneficiaries without going through probate.

Comparing Wills And Trusts

The following table compares the features and benefits of wills and trusts:

Additional Strategies For Avoiding Probate

In addition to using a will or a trust, there are a few other strategies you can use to avoid probate:

• Joint ownership of assets. If you own assets jointly with another person, those assets will automatically pass to the other person when you die. This can be a simple way to avoid probate, but it is important to note that you will give up some control over the assets.
• Payable-on-death accounts. You can designate a beneficiary for your bank accounts, investment accounts, and retirement accounts. When you die, the assets in these accounts will be paid directly to the beneficiary, avoiding probate.
• Transfer-on-death deeds. You can create a transfer-on-death deed for your real estate. When you die, the real estate will automatically transfer to the person you designate on the deed.

There are a number of ways to avoid probate. The best option for you will depend on your individual circumstances. It is important to talk to an attorney to discuss your options and determine the best way to avoid probate in your specific situation.