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 West Hollywood, CA

How to Secure Your Assets and Avoid Probate in West Hollywood, CA


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 CA 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 CA 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 West Hollywood, CA
Sloss Law Ofc. PC
1234 N Crescent Heights Blvd
West Hollywood, CA 90046
(323) 822-9776
General Practice Attorneys, Attorneys
Linde Law Firm
9000 W Sunset Blvd Ste 1025
West Hollywood, CA 90069
(310) 203-9333
General Practice Attorneys, Attorneys, Legal Service Plans
Jeanne Karaffa Law Offices
1411 N Hayworth Ave # 7
West Hollywood, CA 90046
(323) 654-9088
General Practice Attorneys, Attorneys, Legal Service Plans
Keith E Cooper Esq
8721 Santa Monica Blvd #706
West Hollywood, CA 90069
(323) 786-8061
Entertainment & Sports Law Attorneys, Corporation & Partnership Law Attorneys, Real Estate Attorneys
David P Rudich David P Rudich Law Offices
9255 W Sunset Blvd Ste 803
West Hollywood, CA 90069
(310) 550-8020
General Practice Attorneys, Attorneys
Total Attorneys - Divorce
PO Box 273879
West Hollywood, CA 90069
(424) 238-7721
Divorce Attorneys, Attorneys, Family Law Attorneys, Legal Service Plans
Duran Loquvam & Robertson
9000 W Sunset Blvd
West Hollywood, CA 90069
(310) 724-7377
Attorneys, General Practice Attorneys, Legal Service Plans
Pre Paid Legal Services
8700 Burton Way
West Hollywood, CA 90048
(310) 466-6300
Legal Service Plans, Divorce Attorneys, Estate Planning Attorneys, Attorneys
Frank Amador, Attorney
8721 Santa Monica Blvd #658
West Hollywood, CA 90069
(213) 840-6023
Accident & Property Damage Attorneys,  Civil Litigation & Trial Law Attorneys,  Criminal Law Attorne
Kesluk Brian S
9255 W Sunset Blvd # 411
West Hollywood, CA 90069
(310) 273-3180
General Practice Attorneys, Attorneys, Legal Service Plans
Cavalluzzi & Cavalluzzi
9200 W Sunset Blvd Suite 807
West Hollywood, CA 90069
(310) 246-2601
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Divorce Attorneys,  Personal Injury Law
Jury Insight
9220 W Sunset Blvd
West Hollywood, CA 90069
(310) 860-2600
Civil Litigation & Trial Law Attorneys, Legal Clinics, Legal Service Plans
Wiesner Susan E A Law Corp
9113 W Sunset Blvd
West Hollywood, CA 90069
(310) 281-2553
Attorneys, Family Law Attorneys, Divorce Attorneys, General Practice Attorneys
Margolin Bruce M
8749 Holloway Dr
West Hollywood, CA 90069
(310) 276-2231
Criminal Law Attorneys, Attorneys, Legal Service Plans, Traffic Law Attorneys
Carroll Guido Groffman Law Offices
9111 W Sunset Blvd
West Hollywood, CA 90069
(310) 281-2181
General Practice Attorneys, Attorneys
Russian Documentation Ctr
1001 N Fairfax Ave
West Hollywood, CA 90046
(323) 650-2011
Paralegals, Legal Document Assistance
Pmgi
1017 N La Cienega Blvd
West Hollywood, CA 90069
(310) 289-0500
Paralegals
Carroll Rosemary
9113 W Sunset Blvd
West Hollywood, CA 90069
(310) 271-0241
Attorneys
Bash & Polyacheko
7231 Santa Monica Blvd
West Hollywood, CA 90046
(323) 850-0101
Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US