Avoiding Probate Court
What is avoiding probate?When a person passes away, their assets are placed in a probate court to distribute equally among the heirs of the will, and if the person does not have a will, then the probate court will decide where the assets are to be placed. Although there are not set rules for the probate process, there are some rules that will help the person find a cheap and effective way out of the probate process. When a person is trying to avoid probate, they will want to be prepared to pass all of their property outside of the estate by ensuring that all titles and deeds are Transfer On Death (TOD) to someone, name a person as a TOD on all checking and saving accounts, go to the Department of Motor Vehicles (DMV) and make sure that all titles to the vehicles are TOD to someone, and make sure that all CDs, bonds, or money market accounts have a TOD as well. If a person do all of these steps, then he/she can avoid the property and assets going through court.
In the state of Tennessee, does a person have to let their stuff go through probate?In most cases the person can avoid having their estate go through probate, but with the avoidance of probate, the estate may not end up the way the person had intended. If the person has a will and all property pass through the will, then there will be no avoiding probate, but if the person gives the property away, transfers all assets, or places the assets into a trust, then they may be able to avoid the probate process.
How can a person get the name of a deceased person off of the real estate and keep the property from going through probate?In most cases a deceased person’s name cannot be removed from the property deed to avoid probate. The property would have to go through probate to make sure the transfer was legitimate. If the person wants to avoid probate, then they would need to place the property into a trust.
Should a set of parents do a trust for their minor children to avoid the probate process?When a person prepares a trust, then this places all assets into the trust and helps to avoid the probate process. The probate process is very expensive and ties up a lot of time, therefore the person would need to place all assets into a trust for the minor children to avoid the probate process.
In the state of Texas, How can a couple avoid probate, a living trust or a pour over trust?In the state of Texas, the difference between a living trust and pour over trust is the fact that a pour over trust is set up after the person dies by a probate judge and a living trust is a trust that is set up by the person before they pass. If the couple wants to avoid probate, then they would want to do the living trust and have in the will that everything is to go into the trust.
When someone is trying to decide what their final wishes are regarding their assets, one of the things they have to consider is probate court. When a person is setting up their final wishes, they more than likely want to try and avoid the probate court. When a person decides to avoid the probate court, there may be questions on how to avoid the probate court process. When these questions arise, then the person will need to seek answers from an Expert to avoid probate court.