Avoiding Probate By Title Transfers, Gifts, And Other Mechanisms
When not properly planned for, appraisal costs, legal fees, executor fees, and estate taxes can exceed the cost of seventy percent of a total estate leaving less than thirty percent for distribution in a probate case. Additionally, probate is a very time consuming and bothersome process often taking several months or years. For these reasons avoiding probate as much as possible often saves much money of the estate and usually several months and much unneeded stress on the part of family members of the decedent.
Joint ownership and deeding assets into trusts are among the most common ways of owning assets in order to avoid probate upon the death of the owner. This often saves the family much frustration, time, and most importantly money leaving much more of the estate available for distribution as intended. One other common type of transfer used to avoid probate administration is gifting assets to family members before the decedent’s death. Though gift amounts are limited annually, gifting to family members is a common method used to distribute assets by deeding them to the person whom they would otherwise be left to in a will or by inheritance before the decedent’s death. Gifting assets can also offer significant tax advantages for both parties.
When property or assets are properly deeded to one or more owners, usually the decedent and a spouse or children, that property does not become part of the probate estate. Rather that property transfers directly to the remaining owners upon the decedent’s death therefore completely avoiding the otherwise burdensome probate process. In many situations additional owners can be either active or merely an owner for convenience. Often adding additional owners to property or assets is a helpful mechanism for decedent’s who have limited control over their property or assets due to age, diminished mental capacity, or health issues. Additionally, an owner who adds additional owners may still retain full sole possession of any property during their lifetime.
The Attorneys at Yesner & Boss, P.L. can assist in advising our clients regarding any methods available to them, any limitations, and also facilitate any transfer. Additionally, our firm is a full service licensed title agency which actively specializes in transferring and deeding property and other assets into other forms in order to promote our clients goals of avoiding an otherwise financially and emotionally costly probate process for their family members at an unnecessary time.
Visit our contact us now page to schedule a free consultation so we may advise you of any opportunities that are available to you and to inform you of how our specialized services may be of assistance in this area.