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 03909

How to Secure Your Assets and Avoid Probate in Zip Code 03909


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 ME 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 ME 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 03909
Bartlett James B
28 Long Sands Rd Ste 3
York, ME 03909
(207) 363-8100
Attorneys, Legal Service Plans
Bedell Kathryn
408 US Route 1 # 2
York, ME 03909
(207) 363-5300
Attorneys
Winkler Josef P Atty
16 Woodbridge Rd
York, ME 03909
(207) 363-5208
Attorneys
Howell, Matthew - Clark & Howell
16 Woodbridge Rd Ste A
York, ME 03909
(207) 363-5208
Personal Injury Law Attorneys, Estate Planning Attorneys, Attorneys
Clark Jeffrey J
16A Woodbridge Rd
York, ME 03909
(207) 363-5208
Attorneys
Clark & Howell
16A Woodbridge Rd
York, ME 03909
(207) 363-5208
Attorneys, Legal Service Plans, Attorneys Referral & Information Service
Smilie G. Rogers, PLLC
279 York St No. 2
York, ME 03909
(207) 467-5134
Attorneys,  Elder Law Attorneys,  Probate Law Attorneys,  Estate Planning, Probate, & Living Trust
The Cardinali Law Firm
226 York St
York, ME 03909
(207) 361-4700
Attorneys, General Practice Attorneys
Maine Tax Law Services
647 US Route 1, Suite 110
York, ME 03909
(207) 361-4700
Federal Law Attorneys, General Practice Attorneys, Litigation & Tort Attorneys, Tax Attorneys, Wills
Cardinali Jackie
647 US Route 1 # 110
York, ME 03909
(207) 361-4700
Attorneys
Yurko Salvesen & Remz PC
764 US Route 1
York, ME 03909
(207) 361-4655
Attorneys, Legal Service Plans
Green Britton Ryan
180 Woodbridge Rd Ste 3
York, ME 03909
(207) 361-4220
Attorneys
Law Office Britton Ryan Garon ESQ
7 Hemlock Ridge Ln
York, ME 03909
(207) 361-4220
Attorneys, General Practice Attorneys, Legal Service Plans
White Russell
647 US Route 1 # 208
York, ME 03909
(207) 363-3833
Attorneys
Tina R. Parsons-Lightner, Esq.
266 York Street
York, ME 03909
(207) 363-2900
Attorneys
Strater Nicholas S
266 York Street
York, ME 03909
(207) 363-2900
Attorneys
Goldsmith Russell J
947 US Route 1
York, ME 03909
(207) 283-1700
Attorneys
Avila Jonathan D
170 Cider Hill Rd
York, ME 03909
(207) 351-1500
Attorneys
State of Maine
11 Chases Pond Rd Ste 102
York, ME 03909
(207) 363-1230
Attorneys, Justice Courts, State Government
Goldsmith Russell
647 US Route 1 # 203
York, ME 03909
(207) 363-1100
Attorneys, General Practice Attorneys, Legal Service Plans
Intuitive Charms Studio & Gallery
241 York St
York, ME 03909
(207) 363-0558
Attorneys, Legal Service Plans
Roche Lisa E
519 US Route 1
York, ME 03909
(207) 363-0383
Attorneys, General Practice Attorneys, Legal Service Plans
Elias Thomas P
28 Long Sands Rd Ste 5
York, ME 03909
(207) 363-0222
Attorneys
Orso Law Pa
439 York St
York, ME 03909
(207) 363-0025
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US