In a long-term care crisis?
In a long-term care crisis?
Probate can be a time-consuming and nerve-wracking process for family members. It might also result in asset distribution that does not reflect your true wishes. When your loved ones are grieving, handling legal matters adds significant stress. It is up to you to reduce that pressure.
If you are wondering how to avoid probate in Cranberry Township, the most effective step is to plan asset distribution well in advance. Taking action now is a responsible way to protect your family’s peace of mind and ensure your intentions are honored after you are gone.
Contact our talented probate attorneys today for a free consultation.
Below, we offer ways to avoid probate
A clear will can not help you avoid probate in Cranberry Township or anywhere else. In fact, you can think of a will as the admission ticket to probate. You should not decide which of these options is best for you without first speaking with us. The most popular options are:
A living trust allows you to place your assets into a trust while you are still alive. You can manage them as usual, but name beneficiaries in the process. After your death, the assets pass directly to your chosen beneficiaries without going through probate. You can put virtually anything in this trust, including real estate and bank accounts.
These assets operate similarly to revocable living trusts, except they can help protect assets from long-term care expenses if you were to get sick before you pass away.
If you co-own property or accounts with someone and list them as a joint owner with rights of survivorship, they automatically inherit the asset when you pass away. Two types of joint ownership are:
The third type of joint ownership, tenancy in common, doesn’t allow you to pass probate.
You can ask your bank to add a payable-on-death (POD) designation to your accounts. It allows the money to go directly to the person you name as your beneficiary right after you pass away. They only need to show proof of your death to claim the funds.
Stocks, bonds, and other investments can also bypass probate if you register them with a transfer-on-death (TOD) designation. Your beneficiary will receive these assets upon your death automatically.
Giving away property or money while you’re still alive can reduce the size of your estate and help your loved ones avoid probate. However, you need to be mindful of gift tax limits and keep good records of what you transfer.
While the right planning could help loved ones bypass probate in Cranberry Township, a will may still be necessary. Some assets do not transfer automatically, such as property owned solely in your name or assets held as tenants in common. If you do not designate beneficiaries through the appropriate methods, your will determines how those assets are distributed.
Minimizing the number of assets you list in your will can make the probate process easier for your family.
Bypassing probate in Pennsylvania is complicated but possible. An experienced estate planning attorney can explain how to avoid probate in Cranberry Township and assist you with preparations.
At Sechler Law Firm, LLC, we have been helping Cranberry Township residents create estate plans for many years. Our goal is to help you manage your assets while reducing stress for your family. Contact us to discuss your options for avoiding probate.
