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 Elmore, MN

How to Secure Your Assets and Avoid Probate in Elmore, MN


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 MN 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 MN 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 Elmore, MN
Espe Law
4525 Allendale Dr
Saint Paul, MN 55127
(651) 426-9980
Attorneys, Legal Service Plans
Massie Law, PLLC
PO Box 270144
Vadnais Heights, MN 55127
(612) 605-9806
Estate Planning Attorneys
Van House & Associates P A
200 Village Center Dr Ste 800
Saint Paul, MN 55127
(651) 255-9500
Attorneys, Legal Service Plans
Consumer Justice Center PA
367 Commerce Ct
Saint Paul, MN 55127
(651) 967-9289
Attorneys, Consumer Law Attorneys
Herring Legal PLLC
4124 Quebec Ave N Suite 303
Minneapolis, MN 55427
(612) 460-8001
Wills, Trusts & Estate Planning Attorneys,  Attorneys,  Small Business Attorneys,  Business Law Att
Thomas Atkinson
855 Village Center Dr #390
Saint Paul, MN 55127
(877) 719-7696
Attorneys, Employee Benefits & Worker Compensation Attorneys, Labor & Employment Law Attorneys
Weber & Leth PLC
38 W Main St
Dodge Center, MN 55927
(507) 374-6355
Corporation & Partnership Law Attorneys, Attorneys, Criminal Law Attorneys, Family Law Attorneys, Bu
Nethercut James R
4527 Allendale Dr
Saint Paul, MN 55127
(651) 426-6300
General Practice Attorneys, Attorneys
Heins Scott P
4527 Allendale Dr
Saint Paul, MN 55127
(651) 426-6300
Attorneys
William Hensen & Assoc P
7500 Highway 55 # 100
Minneapolis, MN 55427
(763) 398-5800
Estate Planning Attorneys, Attorneys, Legal Service Plans
Davisson & Assoc
4124 Quebec Ave N # 306
Minneapolis, MN 55427
(763) 355-5678
Attorneys, Legal Service Plans
Davern Mc Leod & Mosher Llp
7500 Highway 55 Ste 150
Minneapolis, MN 55427
(763) 545-5600
Estate Planning Attorneys,  Attorneys,  Legal Service Plans,  Real Estate Attorneys,  Personal Injur
Stephen J. Beseres
4124 Quebec Ave N
Minneapolis, MN 55427
(763) 533-4999
Social Security & Disability Law Attorneys, Attorneys, Legal Service Plans
Sjb
4124 Quebec Ave N
Minneapolis, MN 55427
(763) 533-4916
Attorneys, Legal Service Plans
Family Life Bridge
855 Village Center Dr # 3
Saint Paul, MN 55127
(651) 815-4103
Family Law Attorneys, Attorneys
Lemaire Patent Law Firm
8009 37th Ave N
Minneapolis, MN 55427
(952) 278-3500
General Practice Attorneys, Attorneys, Legal Service Plans
Vacura James L
405 4th Ave NW
Dodge Center, MN 55927
(507) 374-2752
Attorneys
Kohler Law
4525 Allendale Dr
Saint Paul, MN 55127
(651) 426-1869
Attorneys, Legal Service Plans, General Practice Attorneys, Labor & Employment Law Attorneys
Budge Law Offices
1042 Centerville Cir
Saint Paul, MN 55127
(651) 426-1360
General Practice Attorneys, Attorneys, Legal Service Plans
Patrick Elgin PLLC
PO Box 270876
St. Paul, MN 55127
(612) 424-1357
Criminal Law Attorneys, Family Law Attorneys, Wills, Trusts & Estate Planning Attorneys, General Pra
Minnesota Disability
855 Village Center Drive
Saint Paul, MN 55127
(651) 414-0678
Personal Injury Law Attorneys, Social Security & Disability Law Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US