If you own property when you pass away, your heirs may be required to go through probate before receiving their inheritance. This legal process can take several months, and if there are disputes, it could take years to resolve. There are a few ways to pass property outside of probate, like naming beneficiaries on life insurance policies and retirement accounts. Taking proactive steps like the ones below can shorten or eliminate lengthy court proceedings, saving your loved ones money and time.

How Can You Transfer Property Outside of Probate?

1. Living Trusts

A living trust is a legal means to avoid probate because it involves you placing the property in the trust during your lifetime. You then designate a trustee who manages the assets for the beneficiaries. Ohio law allows trusts to hold all types of property, including royalty rights, stocks and bonds, real estate, and lottery tickets.   

2. Transfer on Death for Motor Vehicles

As the sole owner of a registered motor vehicle or watercraft, you can pass it to a loved one, organization, trust, or a corporation without probate. Under Ohio’s transfer on death (TOD) provisions, you can prepare and submit an Affidavit to Designate a Beneficiary (form BMV 3811 to the Bureau of Motor Vehicles (BMV). After you pass away, the beneficiary you designate will present the appropriate paperwork and receive the title.   

3. Joint Owners With Right of Survivorship

You can hold titles to real estate and motor vehicles jointly with right of survivorship. Right of survivorship means that when one of the two joint owners passes away, the surviving person becomes the full owner without the property going through probate. If the surviving owner presents the necessary documents to the County Recorder or the BMV, they can transfer the property without court action.

For answers to questions about probate and its alternatives, seek counsel from the attorneys at Rutherford Law Office. Serving clients throughout Ross County, OH, this firm provides advice and aggressive representation in legal matters, including estate planning and Medicaid planning. To learn more about these knowledgeable probate attorneys, visit their website. To schedule a consultation, call (740) 775-7434.