12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

How to Secure Your Assets and Avoid Probate in Ava, NY

How to Secure Your Assets and Avoid Probate in Ava, NY


Put not your trust in money, but put your money in trust.
 
- Oliver Wendell Holmes


Probate can tie up property for months, sometimes more than a year. And, it can be expensive - attorney and court fees can eat up to 5% of an estate's value. Most of what happens during probate is essentially clerical - legal research, drafting and clerical processes.

Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track of filing deadlines and other procedural technicalities.
All of this expense and delay can be avoided with estate planning.

A living trust is just one of the many ways to avoid this court proceeding after your death and spare the surviving family the hassle and possible conflict when it comes to their inheritance. In addition to a living trust, you can choose other methods that are probate free. The best estate planning approach for you and your family depends upon your unique condition.

Estate Planning to Avoid Probate

Revocable Living Trust

A revocable living trust is a document similar to a will. It specifies your assets and who you want to inherit various assets. It is a probate free way of ensuring that there will be clarity and minimal strife amongst your heirs. Essentially, you place your assets into a trust. After you pass away, your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Bank Accounts that are Payable-on-Death (POD)

Bank and retirement accounts can be converted to payable-on-death (POD) accounts. This can be done by filling out a simple form naming your beneficiaries. No more probate proceedings, the money will go directly to your POD beneficiaries with your bank or financial services provider. The same can be done for securities and vehicle registrations and in some states, real estate, as well. Upon you death, all these assets automatically transfer to your POD beneficiary without going through probate.

You can avoid probate by owning property as follows:

1. Joint tenancy with right of survivorship. A surviving owner of a joint tenancy automatically inherits the property of the one who passes away without undergoing probate.

2. Tenancy by the entirety. This is similar to joint tenancy but can only be applied to married couples or registered same sex partners. It is also probate-free.

3. Community property with right to survivorship. Refers to properties located in different states that is co-owned by married couples. If one partner dies, the surviving part automatically owns the assets.

Gifts

Probate can also be avoided by giving away your property while you are still alive. If you no longer own the asset when you die, it won't go through probate. Most gifts are also not subject to federal gift tax.
 
Personalize & Print a Free NY Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free NY Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Ava, NY
Bosman and Associates Pll
1 Executive Centre Dr
Albany, NY 12203
(518) 464-9958
General Practice Attorneys, Legal Service Plans, Attorneys
Kizner Gail Ann
32 Union Sq E # 612
New York, NY 10003
(212) 330-9808
Attorneys, Legal Service Plans
The Hinds Firm
546 E 42nd St
Brooklyn, NY 11203
(718) 473-9767
Attorneys, Personal Injury Law Attorneys, Landlord & Tenant Attorneys, Criminal Law Attorneys, Immig
R J Brown Planning
723 James St
Syracuse, NY 13203
(315) 234-9703
Real Estate Attorneys, Attorneys
Bantle & Levy LLP
817 Broadway # 6
New York, NY 10003
(212) 228-9666
Attorneys, Legal Service Plans
Preve Kristin M
237 Main St
Buffalo, NY 14203
(716) 853-9555
Attorneys, Legal Service Plans
Mahnoush Deilami Law
3188 38th St
Astoria, NY 11103
(646) 561-9525
Immigration Law Attorneys
Carey Beth E
1 Columbia Cir
Albany, NY 12203
(518) 869-9500
Probate Law Attorneys, Attorneys
Ganz Wolkenbreit Friedman LLP
1 Columbia Cirste 2
Albany, NY 12203
(518) 869-9500
Legal Service Plans, Business Litigation Attorneys, Collection Law Attorneys, General Practice Attor
Beck Liebman Petrone PC
399 Knollwood Rd Ste 311
White Plains, NY 10603
(914) 285-9500
General Practice Attorneys, Attorneys, Legal Service Plans
International Institute
767 Maple St
Brooklyn, NY 11203
(347) 461-9305
Immigration Law Attorneys, Attorneys, Immigration & Naturalization Consultants, Legal Service Plans
Dolan Mark J
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
General Practice Attorneys, Attorneys
Brousseau, Shawn F - Napierski Vandenburgh & Napier
296 Washington Avenue Ext
Albany, NY 12203
(518) 862-9292
Attorneys, Legal Service Plans
Lever & Stolzenberg, LLP
303 Old Tarrytown Rd
White Plains, NY 10603
(877) 288-9191
Personal Injury Law Attorneys,  Attorneys,  Labor & Employment Law Attorneys,  Insurance Attorneys,
RCF Is US
89 5th Ave
New York, NY 10003
(212) 206-9099
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
Meyers Richard M
1734 Western AVE
Albany, NY 12203
(518) 464-9075
General Practice Attorneys, Attorneys
Fredman Neil A
250 North Rd
White Plains, NY 10603
(914) 997-9070
General Practice Attorneys, Attorneys, Legal Service Plans
Kasdon James E
112 E 19th St
New York, NY 10003
(212) 777-8887
General Practice Attorneys, Attorneys
Smith, Murphy & Shoepperle, Atty
295 Main St
Buffalo, NY 14203
(716) 262-8871
Attorneys,  Transportation Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Personal Injury
Brooks, Stephen P Smith Murphy & Schoepperle
295 Main St # 786
Buffalo, NY 14203
(716) 262-8871
Attorneys, Legal Service Plans, Transportation Law Attorneys, Personal Injury Law Attorneys, Civil L
Dettmer Frederick R
340 Corlies Ave
Pelham, NY 10803
(914) 738-8782
Attorneys, Legal Service Plans
Simon Eisenberg & Baum, LLP
24 Union Sq E Fl 5th
New York, NY 10003
(212) 353-8700
Attorneys, Labor & Employment Law Attorneys, Corporation & Partnership Law Attorneys, Employee Benef
K Dean Hubbard Jr
113 University Pl
New York, NY 10003
(212) 473-8700
Attorneys
Deilami Boutique Law Firm
3188 38th street
Astoria, NY 11103
(646) 363-8684
Immigration Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US