Three simple steps to avoid probate
This guide provides you with 3 simple steps to preserve your assets for your loved ones without having to go through the probate process
Joint OwnershipYou can avoid probate after your death by naming a joint owner on your assets. You may already have a joint owner in your spouse or you can add an adult child or other family member. Examples of joint assets would be a deed to your house in the name of you and your spouse or a joint bank account with one of your adult children. Upon your death, the asset legally transfers to the surviving joint owner without going through the probate process.
Beneficiary designationYou can also avoid probate of your estate by naming one or more beneficiaries on your assets. Examples of assets on which you can typically name a beneficiary are a life insurance policy, IRA, 401K and annuity. Following your death, the beneficiary can apply for the proceeds of the asset by providing a copy of the death certificate and an application. No probate is required.
A TrustA trust is a way to avoid probate. If you fund your trust with your assets during your lifetime, then upon your death, the trustee can administer the trust and distribute the assets in accordance with the trust without having to go through the probate process.