When someone passes away, probate is the legal process used to divide their estate. Often, the complexity of the process can make probate take a long time. To spare your loved ones the trouble, speak with an attorney about estate planning. In Ohio, there are several ways to avoid the probate process by wisely handling your estate now. 

5 Ways to Prevent Probate with Estate Planning

1. Payable-On-Death Accounts 

Checking and savings accounts, in addition to certificates of deposit, bonds, and money markets, can all be set up to be payable-on-death. This means that the money may become immediately available to a beneficiary of your choosing without approval from a probate court when you pass away. Until then, the accounts will remain entirely in your control. 

2. Transfer-On-Death Accounts 

You can have the ownership of assets such as vehicles, real estate deeds, stocks, and bonds be transferred to a beneficiary at the time of your death, as well. All you need to do is sign an affidavit, and the probate court will be unnecessary. As with payable-on-death bank accounts, these items will still belong to you in the meantime. 

3. Joint Ownership 

If you have a spouse, business partner, or another person close to you, establishing joint ownership of your estate and accounts will ensure that they automatically become the owner of everything if you pass away first. No probate court would be necessary, but the joint holder would need to fill out paperwork affirming sole ownership. 

4. Insurance Policies

An insurance and estate planning professional can help you create an insurance policy that will allow your beneficiaries to access your assets at once upon your death. This strategy offers many benefits, including tax advantages and diversification.

5. Living Trusts

With the help of an estate planning or trust attorney, you, as a trustor, can come to an agreement with a trustee on how your assets should be handled or divided upon your death. They’ll be responsible for carrying out your wishes and making decisions on your behalf, especially with regard to providing any assets to your beneficiaries. 

 
To speak with an attentive and compassionate attorney about avoiding probate courts in Ohio, contact Dennis P. Faller, Attorney at Law in Wapakoneta, OH. As experts in family law, business cases, and estate planning, his staff is experienced in delivering quality solutions to every legal issue that may arise for clients throughout Mercer, Logan, and Auglaize counties. To schedule an appointment, call (419) 738-4578 or message his office online.