Resolving a deceased loved one's personal, financial, and legal issues after their passing can be stressful to handle, but necessary. While probate ensures that all estate matters of a deceased person are adequately addressed and within legal guidelines, it's always favorable to avoid it since it can be a daunting process, read on to learn more about steps you can take to avoid probate.
Create a Living Trust
Although having a will is always a good idea, it will be part of your probate estate. Creating a living trust allows your assets to be distributed to family and friends without probate. The trustee that you appoint will distribute the assets to your loved ones according to your instructions. Having a living trust allows your beneficiaries to receive your assets quickly and without legal fees that can tap into their inheritance.
Designate Bank Accounts as "Payable on Death"
Just by simply filling out a form at your financial institution for both bank and retirement accounts, can help to avoid your funds from going through probate. List the beneficiaries that you would like to receive the funds after your death.
Establish Joint Ownership
You can prevent assets from going through probate by establishing joint ownership. Joint ownership identifies someone as the co-owner of your property. For example, you may want to establish joint ownership for your home and vehicle.
How a Carrollton Probate Attorney Can Help
When it comes to settling an estate after a loved one has passed, you'll want an experienced probate attorney on your side to help you through the process. While the above are the most common ways to avoid probate, having a probate attorney assess your particular situation may uncover other options that will best suit your needs.
Our team of experienced attorneys will answer all your questions about probate to make the process less daunting. Contact Auten & Willingham, P.C. today at (214) 643-8757 to learn more about how we can help.