Probate is the process of proving a will’s validity in court. It tends to be a long and costly process for all involved, which is why many people are on the lookout for methods of avoiding probate altogether. In this case, the team at Doster, Post, Foushee, Post & Patton, P.A., can help clients in Sanford, NC, create a solid and legally binding estate plan, which can include a number of useful documents.

Avoid Probate With These 3 Useful Tips

Create a Revocable Living Trust                    

Unlike wills, revocable living trusts are not subject to probate. A trust is funded by its creator, who must sign over titles for assets and properties. A trustee must also be named, who will take control of the trust after the creator dies or is no longer able to make financial decisions. When this occurs, the trustee will disperse items to heirs as specified.

Joint Ownership

Joint ownership of property is another good way to avoid probate proceedings. When you hold property jointly with another person, that property immediately reverts to that person when you pass. Joint ownership is fairly easy to accomplish, as all it takes is creation of a document that explicitly states that a property is jointly owned.

Gifting

You can also gift property to others, which will prevent it from being subject to probate. In some cases, gifts are free of federal taxes, depending on the monetary value of the gift. If you do retain some assets but give away others, you’ll also be privy to lower probate costs if your estate is subject to the process.

For more than 72 years, the firm of Doster, Post, Foushee, Post & Patton, P.A., has been dedicated to helping clients in Sanford face even the most complex legal issues. Find out more information on how you can work with a skilled probate attorney by calling (919) 775-5616. If you’d like to see the complete listing of practice areas, including those related to estate planning services, feel free to visit this firm online.