Many people ask me how they can avoid probate. Here are few ways to avoid probate:
- You can avoid probate if all of your property is in your trust. There is nothing to probate if all of your property is owned by the trust.
- Property that has named beneficiaries, such as life insurance policies, pension benefits, IRAs, and payable on death bank accounts are not probated because upon your death the property automatically goes to the named beneficiary.
- Any property that you own jointly with another person(s) with a right of survivorship automatically goes to the survivor(s) upon your death.
****Before adding children or other people to your property deed(s) you should first speak to your Estate Planning Attorney as this may have some unintended consequences. ***