{"id":414,"date":"2013-10-21T22:54:33","date_gmt":"2013-10-21T22:54:33","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/?p=414"},"modified":"2022-06-16T16:23:21","modified_gmt":"2022-06-16T16:23:21","slug":"common-ways-to-avoid-probate","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/arizona-estate-planning\/blog\/common-ways-to-avoid-probate\/","title":{"rendered":"Common Ways To Avoid Probate"},"content":{"rendered":"
Probate is time consuming, expensive, and usually unnecessary, it\u2019s a good idea to plan in advance to avoid it.\u00a0 There are several ways to pass property onto your inheritors while avoiding probate.\u00a0 Here are some of the most common ways according to Nolo\u2019s Encyclopedia of Law<\/i>:<\/p>\n The most common way to avoid probate.\u00a0 The advantage of holding your valuable property in trust is that after your death, the trust property is not part of your probate estate. (It is, however, counted as part of your estate for federal estate tax purposes.) That’s because a trustee, not you, owns the trust property. After your death, the trustee can easily and quickly transfer the trust property to the family or friends you left it to, without probate. You specify in the trust document, which is similar to a will, who you want to inherit the property.<\/p>\n You can convert your bank accounts and retirement accounts to payable-on-death accounts. You do this by filling out a simple form in which you list a beneficiary. When you die, the money goes directly to your beneficiary without going through probate. You can do the same for security registrations, and, in some states, vehicle registrations. A few states also allow transfer-on-death real estate deeds that allow you to transfer property using a deed that doesn’t take effect until you die.<\/p>\n Several forms of joint ownership provide a simple and easy way to avoid probate when the first owner dies. To take title with someone else in a way that will avoid probate, you state, on the paper that shows your ownership (a real estate deed, for example), how you want to hold title. Usually, no additional documents are needed. When one of the owners dies, the property goes to the other joint-owner — no probate involved.<\/p>\n You can avoid probate by owning property as follows:<\/p>\n Giving away property while you’re alive helps you avoid probate for a very simple reason: If you don’t own it when you die, it doesn’t have to go through probate. That lowers probate costs because, as a general rule, the higher the monetary value of the assets that go through probate, the higher the expense. Gift up to $13,000 per recipient per year, aren’t subject to the federal gift tax.<\/p>\n Which methods you decide to choose depends on your personal and financial situation. No one way is right for all people.\u00a0The Estate Planning Attorneys<\/a> at JacksonWhite have the knowledge and experience to guide you through making this decision. Please call us to discuss the best ways for your inheritors to avoid probate at (480) 426-8359.<\/p>\n <\/p>\n\n
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