Dorsey's Realty Blog "6 Ways To Avoid Probate"

Dorsey's Realty Blog "6 Ways To Avoid Probate"

                                                   Thinking about Probate Avoidance......

                                                  Is It Worth Your While to Avoid Probate?

 

  1. Joint Ownership: Owning property jointly with rights of survivorship can help avoid probate. When one owner passes away, the property automatically passes to the surviving joint owner(s) without the need for probate.

  2. Beneficiary Designations: Similar to POD designations, you can designate beneficiaries for other assets, such as stocks, bonds, and brokerage accounts. By doing so, these assets can pass directly to the beneficiaries outside of probate.

  3. Create a Revocable Living Trust: A revocable living trust allows you to transfer your assets to a trust during your lifetime. You can serve as the trustee and maintain control over the assets while naming beneficiaries who will inherit them upon your death. Since the assets are held in the trust, they may not be subject to probate.

  4. Gifting: During your lifetime, you can gift assets to your intended beneficiaries. By reducing your estate's overall value, you can potentially minimize the need for probate.

  5. Small Estate Administration: In Maryland, if the value of the estate is below a certain threshold (currently $50,000), you may be able to use the small estate administration process, which is a simplified probate procedure that can expedite the transfer of assets.

  6. Beneficiary Designations: Similar to POD designations, you can designate beneficiaries for other assets, such as stocks, bonds, and brokerage accounts. By doing so, these assets can pass directly to the beneficiaries outside of probate.

Dorsey's Realty Disclaimer: It's important to note that the effectiveness and suitability of these strategies may vary depending on your specific circumstances. Consulting with an experienced estate planning attorney in Maryland is highly recommended to determine the best approach for your situation and to ensure that your estate plan complies with all relevant laws and regulations.


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