Ideas For Avoiding The Headaches Of Probate
Probate refers to the court-ordered process of distributing a person’s estate to his or her beneficiaries after death. If a person dies without any type of estate plan in place, probate is required. Even if a person has some estate planning documents prepared, it may still be necessary to go through the probate process. In some cases, it is desirable to avoid the probate process. An experienced lawyer can help you explore your options.
I am James S. Vergotz, an attorney based in Pittsburgh. I provide comprehensive estate planning and probate services to families and individuals throughout western Pennsylvania. To learn more, call me at 412-366-0510.
How To Avoid Probate
There are a number of different steps people can take as part of the estate planning process that can help their estate avoid probate. Some helpful tools include:
Revocable living trusts: This type of trust involves a living owner transferring his or her property title into a trust. The owner is usually also named as the trustee, and he or she manages and controls the trust and the assets in it until they are unable to (usually due to health issues) or until his or her death. The named person who takes over the trust upon the trustee’s death is then responsible for transferring the property to the named beneficiaries.
Joint tenancy and tenancy by the entirety: Joint tenancies enable people to equally share rights to a property. When an owner dies, the other owner will automatically inherit the property. Tenancy by the entirety applies only to married couples, and full title will transfer to the surviving spouse.
Naming beneficiaries: A person may name a beneficiary who will inherit his or her assets upon death. This is usually done with forms filed with insurance companies or whatever institution holds those assets (i.e. stock brokerage companies).
In some cases, probate is unavoidable. While this may not be the desired outcome, the assistance of an experienced probate lawyer can help ensure the smooth administration of an estate. Despite its sometimes bad rap, probate is still an effective means for identifying beneficiaries and ensuring that all property is distributed in accordance with the law.
Contact Me To Learn More About The Probate Process
If a loved one has died and the estate needs to go through probate, or if you are interested in learning more about probate avoidance strategies, speak with me. Call 412-366-0510 or contact me online to schedule an initial consultation to discuss your situation.
