How to Avoid Probate
Generally, while planning the disposition of your estate on death, one should be mindful of the various ways in which you can transfer property and assets without the necessity of probate proceedings after death. The following are suggestions regarding same:
1. Property owned as joint tenants or an account owned jointly with right of survivorship will pass by operation of law on death of one joint owner to the other.
2. Some accounts, such as an annuity, retirement accounts, and life insurance policies typically permit the owner to designate a beneficiary to receive the account or death benefits.
3. Many institutions permit the owner of accounts to sign a transfer on death form that transfers the account to a named beneficiary or beneficiaries on the death of the account owner.
4. Property or accounts held or titled in a Trust, also generally avoids inclusion in probate estate proceedings when properly drafted.
It is recommended that you seek professional advice from an experienced estate planning attorney, before employing any of these strategies as each individual has different circumstances, and there are also estate tax issues that may need to be considered as well.
The Stephen R. Manning Law Office has the experience and knowledge to help with your estate planning needs. Our office is conveniently located at 200 North Main Street Suite 2, East Longmeadow, Massachusetts 01028.
Call us today at (413) 525-1119 so we can help you with your estate planning needs.