Probate is the legal process of locating and assessing a deceased person's assets (the "estate"), paying the estate's financial obligations and then distributing what remains to the beneficiaries of the estate. Depending on the size and complexity of an individual's assets and debts, probate can sometimes be a long and expensive process. As a result, many people try to avoid it.
We Can Help You Accomplish Your Estate Goals
There are many responsible and affordable strategies for avoiding probate. For instance, creating a joint ownership with right to survival in property such as real estate, automobiles and other titled property can ensure that the deceased individual's ownership interest in the property automatically passes to the remaining owner or owners without going through probate.
Another method for avoiding probate is to make beneficiary designations on accounts such as payable-on-death (POD) bank accounts and transfer-on-death (TOD) securities. Making these designations allows assets held in these accounts to transfer automatically to the named beneficiary without going through probate.
Placing property in a revocable living trust is another useful way to avoid probate. A revocable living trust is a legal entity that holds title to property. Because the trustee (the person overseeing the trust) has title to the trust, not the person who created it, the property within the trust will pass outside probate. Because the trust is revocable, the person who created the trust has access to the property during his or her lifetime, almost as if he or she owned it outright. The trust can also instruct the trustee to distribute the property held in trust to your family and beneficiaries when you die.
Our Attorneys Can Assist You
An attorney can help you manage your property to avoid probate and to transfer property smoothly to your beneficiaries after your death. Talking to an experienced lawyer about a comprehensive estate plan is the crucial first step. At Cassady Law Offices, P.C., our attorneys have more than a decade of experience advising and counseling individuals and families on ways to plan for the efficient and prompt transfer of their assets when they pass. We can help you, too.
Contact Us For A Free Consultation
Contact Cassady Law Offices, P.C., to schedule a free 30-minute consultation to learn how to avoid probate in Las Vegas and throughout southern Nevada. You can send us an email or call us at 800-557-6423 or 702-706-1083. We look forward to speaking with you.