For many people, one of the main goals of estate planning is avoiding probate. Probate is the process through which a person’s estate is administered after they pass away. It often involves court hearings, lawyers, accountants, appraisers, and other services and procedures that cost money. Fortunately, through careful and comprehensive estate planning, many people can avoid having their estate go through probate entirely.
Some of the most common techniques used to avoid probate are discussed below. To learn more, call our office today to speak with an estate planning lawyer in Lynwood.
A Living Trust
A living trust is one of the most common ways for people to pass assets to their beneficiaries outside of probate. A living trust is simply a trust you create while you are alive. You place your assets into the trust but maintain control of them as trustee. The benefit of doing this is that assets that are passed to the trust beneficiaries do not need to go through probate.
Beneficiary Designations on Accounts
Another way to pass assets is to use beneficiary designations on your bank, retirement, investment, or other accounts. These assets will also pass directly to your named beneficiaries outside of probate.
Joint Ownership of Property
In some cases, you may be able to use joint ownership of property to pass your interest in an asset to the other owner. This technique is often used to transfer ownership of real estate.
Call Us Today to Speak with a Snohomish County and King County Estate Planning Attorney
Avoiding probate can save your estate significant time and money. To learn how you can most efficiently transfer assets to your beneficiaries, call Bountiful Law today to schedule a free case evaluation with an estate planning lawyer in Snohomish County and King County. Contact us online or call our office at 425.517.1653 or contact us online.
