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 02601

How to Secure Your Assets and Avoid Probate in Zip Code 02601


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 02601
Lawless & Lawless
1545 Iyannough Rd Ste B1
Hyannis, MA 02601
(508) 362-9666
General Practice Attorneys, Attorneys, Legal Service Plans
South Eastern Mediation
258 Winter St
Hyannis, MA 02601
(508) 778-9559
Arbitration Services, Mediation Services, Attorneys
Hersey Michael
687 W Main St
Hyannis, MA 02601
(508) 771-9544
Attorneys, Legal Service Plans
Landry Kevin
724 Main St # 2
Hyannis, MA 02601
(508) 457-9500
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Kliber Elizabeth
218 W Main St # 2
Hyannis, MA 02601
(508) 775-9479
Attorneys, Legal Service Plans
Maruca Joseph V Atty
420 South St
Hyannis, MA 02601
(508) 775-9147
Attorneys
Keith Mc Manus
724 Main St
Hyannis, MA 02601
(508) 778-8855
Estate Planning Attorneys, Attorneys, Legal Service Plans, Real Estate Attorneys
Enright Jr, William E - John C Manoog Law Offices
450 South St
Hyannis, MA 02601
(508) 362-8818
Civil Litigation & Trial Law Attorneys,  Attorneys,  Criminal Law Attorneys,  Personal Injury Law At
Garnick Gerald S
282 Barnstable Rd
Hyannis, MA 02601
(508) 534-8389
Estate Planning Attorneys, Attorneys, Family Law Attorneys, Accident & Property Damage Attorneys, Re
Flannigan Kevin
297 North St # 325
Hyannis, MA 02601
(508) 790-7919
General Practice Attorneys, Attorneys, Legal Service Plans
Goldberg & Assoc
250 Barnstable Rd
Hyannis, MA 02601
(508) 775-7583
General Practice Attorneys, Attorneys, Legal Service Plans
Lynch Carolyn
702 Main St # A
Hyannis, MA 02601
(508) 790-7575
Attorneys, General Practice Attorneys, Legal Service Plans
Creedon Early
1436 Iyannough Rd Ste 1
Hyannis, MA 02601
(508) 362-6969
Attorneys
Kilroy Bernard
67 School St
Hyannis, MA 02601
(508) 771-6900
Attorneys, Legal Service Plans
Kafka Benjamin S Atty
270 Winter St
Hyannis, MA 02601
(508) 778-6622
Attorneys
Barron & Stadfeld Pc
270 Winter St
Hyannis, MA 02601
(508) 778-6622
General Practice Attorneys, Attorneys
John S. Moffa
1436 Route 132
Hyannis, MA 02601
(508) 362-5554
Attorneys, Legal Service Plans, General Practice Attorneys
Sabatt Charles M
540 Main St # 8
Hyannis, MA 02601
(508) 775-5050
Attorneys, Legal Service Plans
Martone Richard
297 North St # 230
Hyannis, MA 02601
(508) 771-4657
General Practice Attorneys, Attorneys, Legal Service Plans
Morgan, Dale - Morgan & Murphy
336 South St
Hyannis, MA 02601
(508) 790-4454
Attorneys,  General Practice Attorneys,  Legal Service Plans,  Personal Injury Law Attorneys
De Young, Steven S - Wilkins & De Young
270 Winter St
Hyannis, MA 02601
(508) 771-4210
Divorce Attorneys, Attorneys, Legal Service Plans, General Practice Attorneys, Family Law Attorneys
Roman Seth G
270 Winter St
Hyannis, MA 02601
(508) 771-4210
Attorneys, General Practice Attorneys
Spillane & Spillane LLP
125 Pleasant St Ste A
Hyannis, MA 02601
(508) 775-3330
Estate Planning Attorneys,  Attorneys,  Real Estate Attorneys,  Legal Service Plans
Heppe Jr Robert S
251 South St
Hyannis, MA 02601
(508) 771-3132
General Practice Attorneys, Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US