Probate refers to the process of settling a person’s estate and distributing their assets after they are gone. Unfortunately, it can often be time-consuming, expensive, and stressful for the departed's loved ones. As such, it’s beneficial to avoid probate when possible. With proper estate planning, you can ensure your assets pass directly to your beneficiaries without delays or costly court fees. Below are some of the most effective ways to sidestep probate proceedings.

How to Avoid Probate

1. Create a Living Trust

Creating a living trust is one of the most popular techniques used in estate planning to stay out of probate court. First, draft a trust agreement, then fund the trust by placing your assets into it. A trustee of your choosing controls this until you pass away or become incapacitated. At this point, the property is distributed outside the probate process.

2. Designate Beneficiaries

If you have a life insurance policy or own assets that are in a retirement account, you’re already one step ahead of avoiding probate. In this case, the documents associated with these accounts are drawn up to include designated beneficiaries, allowing the account funds to bypass probate and be directly distributed to your heirs.

3. Use Joint Property Ownership

When a property is kept in joint tenancy with the right of survivorship, the surviving partner is automatically granted full ownership upon the passing of the other person. During the estate planning process, you can designate a joint owner for many kinds of property and assets, such as real estate, bank accounts, stocks, and vehicles.

If you need help with estate planning, turn to Lance S. Cox, Attorney at Law, in Cincinnati, OH. This lawyer has over 30 years of experience handling estate cases exclusively, giving him the insight and expertise needed to ensure a favorable outcome. Learn more about his services online, and call (513) 528-6000 to schedule a consultation.