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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:
- 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;
- Bank accounts and securities investments (stocks and bonds) accounts can designate a “payable on death” beneficiary;
- A married couple can sign and record a devolution agreement; or
- 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 attorneys, Daniel Patchin, Matt Hunter and Marcus West, will strive to streamline the process to the greatest extent possible.
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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.