Probate is needed when you have assets titled in your name alone at the time of your death. A will directs the court where your assets are to be distributed. If your goal is to avoid the probate process for your loved ones, there are ways to achieve that goal. Our office can review your assets and develop a plan which may involve one or more of the following:
Beneficiary or pay on death designation
Transfer on death deed
Assets such as IRAs, 401(k)s, 403(b)s and health savings accounts should have a designated beneficiary or beneficiaries.
Transfer On Death Deed
A transfer on death deed allows for the transfer of real estate to a named beneficiary at the death of the owner, or the last to die if the property is owned by multiple owners.
Joint tenancy provides the co-owner or co-owners the right of survivorship. This means when one owner dies, his or her ownership passes directly to the surviving owner(s).
Creating a life estate is a kind of joint ownership of real estate. This allows the grantor to give or sell their property such as their house or farm to their children but keep the right to live in the home until they die.
Also known as a living trust, a revocable trust allows you to have access to your assets while they are distributed to the trust. Because the assets are titled into the trust, those assets are not probated. At the trustee’s death, assets are distributed to the named beneficiaries.
Learn More About Avoiding Probate
Learn more about your options by meeting with an attorney at Davis Law Firm, P.A. in Rochester. You can discuss estate administration and how you can avoid probate. To schedule a consultation, call 507-200-2579 or send us an email.