Whether you have a few assets or a large portfolio, you should create a comprehensive estate plan. Connecticut wills and probate law offers options for simplifying or eliminating the process of closing out your estate after you pass away. Taking advantage of these steps can give you peace of mind now and enable a smoother transition for loved ones later.

3 Wills & Probate Avoidance Options

1. Holding Title as Joint Owners

Creating joint ownership for holding title to property such as a home, car, or bank account lets you pass the asset to the surviving owner without going through probate. To effect joint ownership of vehicles in Connecticut, both individuals must sign the original Form H-13B, Application for Registration and Title. A wills and probate attorney can guide you through the laws specific to Connecticut.

2. Establishing Payable at Death Accounts

If you prefer sole ownership of property such as bank accounts, stocks and bonds, and mutual fund shares, consider transfer on death (TOD) or payable on death (POD) designations. By designating financial accounts as POD or TOD, you retain the right to change beneficiaries and the amounts they receive until you pass away, when the assets transfer outside of probate. 

3. Setting Up a Living Trust

Unlike a testamentary trust, which takes effect at passing, a living trust is effective while you’re alive. One probate avoidance option is placing your property in a revocable living trust. By designating yourself as trustee and naming a successor trustee, you remain in control of the assets for the beneficiaries you designate. At your passing, the successor trustee takes over automatically.   

For an estate plan that meets your individual goals, seek help from the attorneys at Renzullo & Associates Law in Winsted, CT. These wills and probate lawyers offer more than 40 years of experience in estate planning that minimizes or eliminates lengthy and costly probate proceedings. The knowledgeable and reliable attorneys work with clients on comprehensive and creative estate plans for all income levels. Visit the law office website now to learn more about their practice areas, or call (860) 379-9885 to speak with an attorney today.