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 Avawam, KY

How to Secure Your Assets and Avoid Probate in Avawam, KY


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 KY 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 KY 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 Avawam, KY
Steptoe & Johnson
1010 Monarch St # 250
Lexington, KY 40513
(859) 219-8214
General Practice Attorneys, Attorneys
Cooper, Michael T
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys,  Attorneys,  Personal Injury Law Attorneys,  Legal Service Pla
Friedman, Hal D
1448 Gardiner Ln
Louisville, KY 40213
(502) 459-7555
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Phillipe W Rich
4824 Preston Hwy
Louisville, KY 40213
(502) 694-6681
Social Security & Disability Law Attorneys,  Personal Injury Law Attorneys,  General Practice Attorn
Franklin & Rapp
1001 Monarch St,Ste 120
Lexington, KY 40513
859-554-1765
Divorce Attorneys,  Attorneys,  Criminal Law Attorneys,  Accident & Property Damage Attorneys,  Pers
Franklin and Rapp
1001 Monarch St
Lexington, KY 40513
859-554-1765
Civil Litigation & Trial Law Attorneys,  Insurance Attorneys,  Legal Service Plans,  DUI & DWI Attor
Sharon K Carney Paralegal Inc
4041 Preston Hwy
Louisville, KY 40213
(502) 366-6040
Paralegals
Franklin and Rapp
1001 Monarch St Ste. 120, Ste 120
Lexington, KY 40513
(513) 370-5726
Personal Injury Law Attorneys,  Criminal Law Attorneys,  Attorneys,  Family Law Attorneys,  Divorce
Amanda Rogers Blincoe
105 E Flaget Av
Coxs Creek, KY 40013
(502) 348-5300
Attorneys,  Family Law Attorneys,  Civil Litigation & Trial Law Attorneys,  Wills, Trusts & Estate
Stout Heuke P S C
200 High Rise Dr # 252
Louisville, KY 40213
(502) 966-3347
Attorneys, General Practice Attorneys
Martin R Douglas
1031 Wellington Way
Lexington, KY 40513
(859) 327-3320
General Practice Attorneys, Attorneys, Legal Service Plans
Gorham Charles W
3151 Beaumont Centre Cir # 200
Lexington, KY 40513
(859) 255-2711
Attorneys, Corporation & Partnership Law Attorneys, Legal Service Plans, Employee Benefits & Worker
G. Christopher Van Bever, P.S.C. Attorney-at-Law
4704 Waterside Court
Lexington, KY 40513
(859) 321-2588
General Practice Attorneys, Business Law Attorneys
Bryan Gowin
1000 Trevilian Way
Louisville, KY 40213
(502) 708-2332
Attorneys, General Practice Attorneys
Adams Hayward & Welsh
4036 Preston Hwy
Louisville, KY 40213
(502) 584-2111
Labor & Employment Law Attorneys, Attorneys, Corporation & Partnership Law Attorneys, Legal Service
Musselwhite Meinhart & Staples
3103 Fern Valley Rd
Louisville, KY 40213
(502) 384-1968
General Practice Attorneys, Attorneys
Wohlander Law Office PSC
1031 Wellington Way
Lexington, KY 40513
(859) 309-1691
General Practice Attorneys, Attorneys, Legal Service Plans
Wiser Hemlepp & Assoc
4245 Palmetto Dr
Lexington, KY 40513
(859) 219-1295
Attorneys
Woolley Billie Sue
3121 Wall St
Lexington, KY 40513
(859) 223-1200
Family Law Attorneys, Attorneys, Legal Service Plans
Troutman Michael W
4740 Firebrook Blvd
Lexington, KY 40513
(859) 253-0991
Corporation & Partnership Law Attorneys, Attorneys, Business Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US