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 Zip Code 02123

How to Secure Your Assets and Avoid Probate in Zip Code 02123


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 MA 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 MA 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 Zip Code 02123
Peter Kent Law Office
19 Locust St
Danvers, MA 01923
(978) 777-9998
Attorneys, General Practice Attorneys
David E Peterson Law Office
300 Rosewood Dr # 203
Danvers, MA 01923
(978) 406-9790
Estate Planning Attorneys, Attorneys, Wills, Trusts & Estate Planning Attorneys
Jay L Seibert PC
6 Broad St
Danvers, MA 01923
(978) 927-9403
General Practice Attorneys, Attorneys, Legal Service Plans
Rabbitt Manuel F
150 Andover St
Danvers, MA 01923
(978) 767-9303
General Practice Attorneys, Attorneys
Raimondi Lorenzo A
3 Sherwood Ave
Danvers, MA 01923
(978) 774-9064
Attorneys, Legal Service Plans
Foster Erica M
491 Maple St Ste 204
Danvers, MA 01923
(978) 750-8857
Divorce Attorneys,  Attorneys,  Legal Service Plans,  Family Law Attorneys,  Real Estate Attorneys
Fisette & Ranta
222 Rosewood Dr # 8
Danvers, MA 01923
(978) 750-8701
Attorneys, Legal Service Plans
Steve Mooney Law Office PC
130 Centre St
Danvers, MA 01923
(978) 539-8324
Attorneys, General Practice Attorneys, Legal Service Plans
Rezendes & Associates
275 Martine St Ste 202
Fall River, MA 02723
(508) 324-7940
General Practice Attorneys, Attorneys, Legal Service Plans
Senger Mary Beth
275 Martine St # 102
Fall River, MA 02723
(508) 676-7875
Attorneys, Legal Service Plans
Reynolds Law Offices
111 Main St
Lancaster, MA 01523
(978) 365-7322
Attorneys, General Practice Attorneys, Legal Service Plans, Real Estate Attorneys, Estate Planning A
Harrison Richard
1001 Eastern Ave
Fall River, MA 02723
(508) 679-6414
Personal Injury Law Attorneys, Attorneys, Legal Service Plans
Donovan & Donovan
29 Elm St
Danvers, MA 01923
(978) 774-6062
General Practice Attorneys, Attorneys
Northshore Paralegal
130 Centre St Ste 3
Danvers, MA 01923
(978) 750-6020
Paralegals
Nathanson & Onerheim
7 Federal St # 31
Danvers, MA 01923
(978) 774-5747
Social Security & Disability Law Attorneys, Attorneys
Spinale Paralegal Services
6 Broad St
Danvers, MA 01923
(978) 921-5700
Paralegals
Kobuszewski William Attorney
10 Liberty St Suite 213
Danvers, MA 01923
(978) 762-5570
Criminal Law Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Personal Injury Law Att
Kobuszewski William
10 Liberty St Suite 213
Danvers, MA 01923
(978) 762-5570
Criminal Law Attorneys,  Family Law Attorneys,  General Practice Attorneys,  Personal Injury Law Att
Norris & Wicker
5 Elm St # 3
Danvers, MA 01923
(978) 774-5283
General Practice Attorneys, Attorneys, Legal Service Plans
Rubin, Weisman, Colasanti, Kajko & Stein, LLP
10 Liberty Street
Danvers, MA 01923
(978) 296-5107
Personal Injury Law Attorneys, Criminal Law Attorneys
Forlizzi Stephen Atty
491 Maple St Ste 106
Danvers, MA 01923
(978) 739-4898
Personal Injury Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Kelley Richard S
10 Liberty St
Danvers, MA 01923
(978) 750-4050
Attorneys, Legal Service Plans
Gilmore & Gilmore
19 Cherry St
Danvers, MA 01923
(978) 777-3480
General Practice Attorneys, Attorneys, Legal Service Plans
Kravetz Gary
175 Andover St # 203
Danvers, MA 01923
(978) 774-3222
General Practice Attorneys, Attorneys, Legal Service Plans
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US