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Avoiding Probate

Besides setting up a Family Trust, there are actually a few other ways to avoid probate. These include the following:

  1. The property can be set up with either a joint tenancy, a life estate, or (for married couples) a Community Property With Right of Survivorship form of ownership;
  2. Bank accounts and securities investments (stocks and bonds) accounts can designate a “payable on death” beneficiary;
  3. A married couple can sign and record a devolution agreement; or
  4. The property can be given away to friends or family members prior to death.

Unfortunately, these alternatives usually have significant adverse tax or other implications. A person should carefully confer with an attorney before deciding to use one of these options in order to avoid probate. Choosing the wrong approach in seeking to avoid probate can trigger:

  • Increased property taxes;
  • Loss of one’s home to the creditors of the person to whom the home is transferred;
  • Increased capital gains taxes being imposed when the person who received the property liquidates it;
  • Parents being evicted from their own home by an ungrateful child in the event of a schism that develops after the transfer of the home to a child.

With our vast reservoir of experience, the partners at Peters Patchin & Monaghan are adept at determining the best probate or non-probate procedure available in each circumstance. And in every case, the analysis always starts with a determination as to whether probate is even required. If an alternate to probate is feasible and more affordable, that will be the path we recommend. If that is not the case and probate is unavoidable, our partners, Daniel Patchin and Ben Monaghan, will strive to streamline the process to the greatest extent possible.

Need More Info? Give Us a Call

If you would like our help with this or any other probate questions, please give us a call at (208) 939-2600 to schedule your free initial consultation. Or you can schedule your expedited appointment at your convenience by clicking on either of the gold “Schedule Now” boxes on our Home Page.

Client Reviews
Daniel made the entire process simple and easy to understand. He took our questions and made sure we understood all the legal aspects and responsibilities seamless. Neal V.
We want to thank Matt, he was very helpful in answering our questions and walking us through the process of setting up our Family Trust. Charlotte G.
Marcus West was so helpful in setting up our trust. We had several questions and a lot of properties to manage. He was professional & has a great personality. Pamela B.
Ben, you were very thorough in your explanations, answered all of our questions & we would be happy to put our names to referrals for you. Darrell C.
Hello, Ben. Thank you for your assistance with out trust. Your simple, concise, efficient instructions and explanations were easy to understand and follow. We were pleasantly surprised how quickly you were able to get everything set up and ready to go. Desta R.