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 Simsboro, LA

How to Secure Your Assets and Avoid Probate in Simsboro, LA


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 LA 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 LA 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 Simsboro, LA
Slaid Jack W
28 Reynolds St
Springhill, LA 71075
(318) 539-6511
Attorneys
Stewart Ken
5681 Commerce St
Saint Francisville, LA 70775
(225) 635-6006
Accident & Property Damage Attorneys, Attorneys, Legal Service Plans
Picou, Sydney
11545 Ferdinand St
Saint Francisville, LA 70775
(225) 635-5832
Attorneys, Legal Service Plans
Notary Direct
3008 E Judge Perez Dr
Meraux, LA 70075
(504) 271-5000
Attorneys
West Feliciana Parish Of
11651 Ferdinand St
Saint Francisville, LA 70775
(225) 635-4612
County & Parish Government,  Attorneys,  Police Departments,  Government Offices
Wray & Pierce LLP
10182 Weevil St
Saint Francisville, LA 70775
(225) 635-3920
Construction Law Attorneys, Attorneys
Hesse & Butterworth LLC
11729 Ferdinand St
Saint Francisville, LA 70775
(225) 635-3839
Attorneys,  Personal Injury Law Attorneys,  Litigation & Tort Attorneys,  Real Estate Attorneys,  Co
Diane Blanchard Consulting Inc
10587 Goldilocks Ln W
Saint Francisville, LA 70775
(225) 635-3327
Attorneys Referral & Information Service
Kilbourne & Dart
4782 Prosperity St
Saint Francisville, LA 70775
(225) 635-3291
General Practice Attorneys, Attorneys, Legal Service Plans
TNT Investigations
3120 Mayflower Street
Meraux, LA 70075
(504) 301-2933
Civil Litigation & Trial Law Attorneys, Private Investigators & Detectives, Divorce Assistance, Crim
Shane P Landry
12216 Jackson Rd
Saint Francisville, LA 70775
(225) 635-2728
Attorneys
McConnell & Slattery
121 S Main St
Springhill, LA 71075
(318) 539-2561
Attorneys
Slattery Jr John B
121 S Main St
Springhill, LA 71075
(318) 539-2561
Attorneys
Smith & Jacobs APLC
101 N Main St
Springhill, LA 71075
(318) 539-2557
Attorneys
Andrew D'aquila Law Firm
10182 Weevil St
Saint Francisville, LA 70775
(225) 635-2020
General Practice Attorneys, Attorneys, Legal Service Plans
Willis Daniel K
11850 Ferdinand St
Saint Francisville, LA 70775
(800) 256-1977
Attorneys
Marais LLP
15560 Gore Rd
Saint Francisville, LA 70775
(225) 634-0700
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US