Probate is a lengthy and complicated process that you want to avoid at all costs. If you follow through with the proper steps, then you will be able to circumvent probate as well as save your loved ones time, energy, and the frustration of dealing with the courts.
Here are steps you can take to avoid probate and ensure that your loved ones, not the courts, have control over your assets when you pass.
Make a Living Trust
You can make a living trust for any of your assets. You’ll need to fill out a trust document, name someone as the trustee, and then transfer ownership of your property to yourself, as you are the trustee of the trust.
Make Your Bank Account Assets Payable-on-Death
Another thing you can do to avoid probate is to make your bank account assets payable-on-death. This means that when you die, the person you named can go to the bank and gain control of your money.
Use Joint Tenancy
If you and your spouse or another loved one own any assets together, such as real estate, automobiles, or money in your shared bank accounts, then as long as you are both named as owners on the proper legal documents, the surviving owner will automatically acquire full ownership of the assets after you pass.
Transfer-on-Death for Stocks and Bonds
Do you own stocks and bonds? Then you can register them using a transfer-on-death document, and the person you name as your beneficiary will automatically receive them upon your death. All your beneficiary has to do is contact your broker.
Getting in Touch With an Attorney
Do you need help avoiding probate in Washington? Then contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.