How to keep an estate out of probate

On Behalf of | Mar 16, 2017 | Probate And Estate Administration

Probate is a procedure that is designed to ensure that a deceased person’s will is being honored. However, it can be a lengthy and costly process. Residents in Nevada who want their beneficiaries to access to their assets without any hassle after they die may want to know what to do in order to prevent their estates from having to go through probate.

Establishing a living trust can protect an estate from probate since it will transfer ownership of a person’s assets to it. In other words, instead of an individual owning assets, the trust technically does. When the creator of the trust dies, the assets automatically pass to the beneficiaries of the trust without having to go through the lengthy probate process.

When structured correctly, joint ownership of assets is another effective way to avoid probate. Individuals should use joint tenancy with the right of survivorship so that when they die, the other owner only has to complete a form to gain total ownership of the assets. State laws will affect how joint ownership will work, which is why it is important to speak with an attorney.

Individuals can convert their financial accounts to transfer-upon-death or payable-on-death so that their assets will directly go to their beneficiaries when they die. This means that beneficiaries will have immediate access to bank, retirement or investment accounts. In some states, individuals may also establish transfer-upon-death deeds for real estate or vehicle registrations.

Those who want to ensure that their estate is properly administered after they die should speak with an attorney who practices estate planning law. A lawyer may evaluate a client’s assets and advise him or her of which strategies to use to avoid the probate process as well as reducing estate taxes.