Most people want their beneficiaries and loved ones to have their assets when they pass away. But, according to probate law, the court can examine if your will is valid and appoint an executor. Alternatively, in the absence of a will, an administrator collects your assets and determines how to distribute them. Below are some steps you can take to avoid probate and spare your grieving loved ones from this stressful and time-consuming process.

3 Ways to Avoid Probate

1. Create a Revocable Living Trust

Ask a legal expert to draft a revocable living trust for you. This document details what happens to your assets while you are still alive, if you become incapacitated, and when you pass away. Only after you sign this and you have titled your assets in the name of your trust can you entirely avoid probate.

2. Use Joint Ownership With Rights of Survivorship

Another way to skip probate is through joint ownership in real estate deeds and other investment accounts, provided that these are owned as joint tenants with rights of survivorship. This allows either owner to sell or pass their dividends to others without their partner's approval.

In some states, real estate properties jointly owned by couples in the form of tenancy by the entirety are also excluded from probate. This prohibits either spouse from selling the assets without their partner's consent. Legal professionals can guide you through your state's probate laws and help you protect your properties.

3. Designate Beneficiaries

In many cases, you can name beneficiaries for your assets by filling out a form from financial institutions. Such payable-on-death accounts include bank accounts, retirement plans, and life insurance investments. Numerous states also allow you to designate inheritors through a transfer on death deed.

Understanding legal issues and requirements can be overwhelming. Let LaRowe Gerlach Taggart LLP in Reedsburg, WI, guide you through the process. For over 35 years, this reliable law firm has been providing outstanding counsel to their clients on several legal areas, including probate law, estate planning, trust administration, real estate, and bankruptcy. These dedicated attorneys will not only eagerly protect your interests but also handle your situation with respect. If you need legal advice or representation, contact them through their website or call (608) 524-8231.