After years of education and hours of experience with probate, I’ve seen a number of miracles happen over time.
The aim of this article is to give you the knowledge to be secure and confident in your children’s future because you have avoided probate.
If you don’t have time to read this article and just want help avoiding probate, click here to request an appointment.
As a person who wants to avoid probate you really are a cut above the rest. The average person who avoids probate is more prepared, smarter, and more willing to “get it done” than the average person whether people like it or not.
You understand things about the world that most people don’t. It also means you are about to understand the words on this page better than anyone.
Other people in the world are fighting against estate planning and avoiding probate. They don’t understand, like you, the importance of avoiding probate. They keep putting it off, until one day it is too late. And by too late, I don’t mean death, but senility can mean you can’t avoid probate anymore.
And this is an easy game to play. For example, a couple came to me here in Springdale wanting to avoid probate.
They were a typical couple with typical assets. They were desperate for their worldly possessions to be distributed as they wished. They wanted to leave behind some of their values as well.
After just one of these tips, they will avoid probate.
I’ll reveal some information about avoiding probate in a moment, but for now remember that in order for you to make sure that your estate and life is in order, you need to avoid probate.
Trusts avoid probate and the public scrutiny that comes with probate. For example, Michael Jackson had a will, but it just “poured over” everything into a trust. Pretty much everything was kept out of the public eye.
A trust is a document that contains a set of rules. Two major types of trust exist:
- The revocable trust. You may change or destroy the trust as you desire in your lifetime. They convert to irrevocable on your death.
- The irrevocable trust. You may never destroy the trust. You may not even be able to modify the trust unless it was crafted properly.
Most people using trust for estate planning and to avoid probate choose the revocable trust.
A trust does not do any good to avoid probate unless it has goods and money in it. It must be funded. You need to transfer ownership of your home, cars, money, accounts, etc. into the trust. Otherwise you need a pour over will which will have to go through probate first. And probate takes time
2. Beneficiary Deeds
A beneficiary deed is a deed that gives away your real estate immediately upon death. It avoids probate completely. Beneficiary deeds are recognized in Arkansas.
Once created, they are filed with the proper authorities. Upon your death, not much more than a death certificate is needed to transfer the title.
3. Payable on Death accounts
These go by many names: survivor takes all, payable on death, transfer on death, etc. Probably the most common name is payable on death.
Payable on death transfers the money immediately. Usually all that is needed is a death certificate and a signature. No probate. No waiting for the funds.
4. Transfer on Death car titles
These are recognized in more and more states. It is a simple process to go to the department of motor vehicles and fill out the forms.
The title passes immediately without probate.
A Will almost always has to be probated for the proper transfer of real estate. Wills do not avoid probate, rather they are the instrument of probate.
Wills are not used to avoid probate.
This article has just touched on the basics of how to avoid probate. There is so much more to know about the subject, including how to minimize taxes and maximize the amount your prospective heirs will receive.
You have two choice right now:
- Go at it alone with the information provided
- Or you let me help you avoid probate