Giving possessions to loved ones after you pass away can be one of the greatest gifts. There are several ways to accomplish this on your own terms, and for some people, the probate process is something they may want to avoid. According to family law attorneys at Stayton Law in Marion County, Oregon, probate can tie up will execution and asset transfers for months and even years, which is why it’s important to consider other options. If you’re looking for solutions, explore the alternatives below.

3 Ways to Avoid Probate

1. Turn Assets & Money Into Gifts

The best way to avoid probate is owning nothing at all, so consider gifting properties, investments, assets, and accounts to spouses, siblings, children, and other family members. Although they’ll take total control, the transfers aren’t subject to probate, fees, or waiting periods, and they can typically avoid federal taxes when gifted properly. To ensure smooth transitions, it’s best to have a family law attorney write up the deal.

2. Add Joint Ownerships to Accounts

If you trust your spouse to execute your wishes, adding them as a joint owner to assets, investments, and accounts will give them distribution control when you pass. However, there are a few drawbacks. Assets may be susceptible to higher taxes, and your wishes can’t extend beyond your spouse’s lifetime, so consider carefully. Aside from those issues, joint ownership will overpass probate. Make sure they are designated as a joint owner with rights of survivorship, so there aren’t any issues with them taking control when you pass.

3. Establish a Living Trust

Instead of creating a last will, which will go through probate, establish a living trust. By assigning your assets to a trustee, they can be distributed accordingly to beneficiaries when you pass without the legal system getting involved. This will save your family money, as family court processing won’t be necessary and will expedite assets being passed down. Establishing trusts requires assistance, so turn to a family law attorney for legal advice.

Planning for life after you’re gone is the best investment you can make, so turn to the legal team at Stayton Law. A family law attorney can help you create a comprehensive after-life plan addressing all of your needs for your loved ones and ensure it’s executed as you wish. Call (503) 769-7741 to reach the law office, and visit the website to learn more about the family law services available.