Estate planning: Possible options for avoiding probate

On Behalf of | Jul 20, 2020 | Probate And Estate Administration

While developing plans for what will happen after they pass on, many individuals in Nevada and elsewhere may feel it vital to make the process as easy and stress free as possible for loved ones. In some cases, such a goal might involve seeking ways to limit their exposure to certain processes such as probate. While probate does have a part to play in many scenarios, there are certain estate planning options that might help one bypass this process.

One potential way to keep assets from going through probate involves the presence of a joint owner in property. After one’s death, sole ownership of an asset may be transferred to the other party. As there are several forms of joint ownership, each of which may function in a different manner, using caution when exploring such an option is vital.

Revocable living trusts could also bypass the process of probate. Ownership of assets placed in this type of trust is transferred to the trustee and as such, is typically not subject to probate. Another potential option for bypassing probate involves charitable gifting. However, there may still be certain tax ramifications associated with such an option and understanding the rules and regulations of charitable gifting before choosing such a path could prove imperative.

While exploring estate planning goals, many individuals may feel it vital to gain a better understanding of all their available options. For guidance in making informed choices about the future, a person in Nevada could find it helpful to retain the services of an attorney early in the process. An attorney can work to address all a client’s concerns and assist in creating an estate plan with his or her preferences and wishes for the future at heart.