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 04105

How to Secure Your Assets and Avoid Probate in Zip Code 04105


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 04105
Fenley Law Offices
16 E Ramsdell Rd
Falmouth, ME 04105
(518) 374-9538
Attorneys, General Practice Attorneys
Smith Cheryl & Russell
69 Rockaway Rd
Falmouth, ME 04105
(207) 518-9249
Attorneys
Shumway II G Charles
177 Gray Rd
Falmouth, ME 04105
(207) 541-9048
Attorneys
Staffordadvisors
301 Foreside Rd
Falmouth, ME 04105
(207) 772-8600
Tax Attorneys,  Attorneys,  Bookkeeping,  Financial Planning Consultants,  Accounting Services,  Tax
Skelton Taintor
358 US Route 1
Falmouth, ME 04105
(207) 221-8500
Attorneys
Barns James B
361 US Route 1 # 1
Falmouth, ME 04105
(207) 781-7677
Attorneys, Legal Service Plans
Dupee Woody
339 US Route 1
Falmouth, ME 04105
(207) 730-7220
Attorneys
Talbot Randy E & Cynthia
1 Balsam Ln
Falmouth, ME 04105
(207) 797-6385
General Practice Attorneys
Reed John & Stephanie
308 Blackstrap Rd
Falmouth, ME 04105
(207) 797-6297
Attorneys
Mahoney Nicholas J K Esquire PA
4 Fundy Rd
Falmouth, ME 04105
(207) 781-5294
Attorneys
Robert Bennett Law Offices
614 Blackstrap Rd
Falmouth, ME 04105
(207) 878-3933
Attorneys
Bennett Robert
23 E Ramsdell Rd
Falmouth, ME 04105
(207) 878-3933
Attorneys
Bopp Fred W
5 Stapleford Dr
Falmouth, ME 04105
(207) 878-3656
Attorneys
Lemieux John
12 River Pl
Falmouth, ME 04105
(207) 347-3198
Attorneys
Lowry Donald G
173 Middle Rd
Falmouth, ME 04105
(207) 781-2290
Attorneys
Bennett Robert
72 Leighton Rd
Falmouth, ME 04105
(207) 878-2226
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US