12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

How to Secure Your Assets and Avoid Probate in Valparaiso, IN

How to Secure Your Assets and Avoid Probate in Valparaiso, IN


Put not your trust in money, but put your money in trust.
 
- Oliver Wendell Holmes


Probate can tie up property for months, sometimes more than a year. And, it can be expensive - attorney and court fees can eat up to 5% of an estate's value. Most of what happens during probate is essentially clerical - legal research, drafting and clerical processes.

Probate involves inventorying and appraising the property, paying debts and taxes, and distributing the remainder of the property according to the will. The probate attorney fills in forms and keeps track of filing deadlines and other procedural technicalities.
All of this expense and delay can be avoided with estate planning.

A Living Trust is just one of the many ways to avoid this court proceeding after your death and spare the surviving family the hassle and possible conflict when it comes to their inheritance. In addition to a living trust, you can choose other methods that are probate free. The best estate planning approach for you and your family depends upon your unique condition.

Estate Planning to Avoid Probate

Revocable Living Trust

A revocable living trust is a document similar to a will. It specifies your assets and who you want to inherit various assets. It is a probate free way of ensuring that there will be clarity and minimal strife amongst your heirs. Essentially, you place your assets into a trust. After you pass away, your surviving family members can transfer your property quickly and easily, without probate. More of the property you leave goes to the people you want to inherit it.

Bank Accounts that are Payable-on-Death (POD)

Bank and retirement accounts can be converted to payable-on-death (POD) accounts. This can be done by filling out a simple form naming your beneficiaries. No more probate proceedings, the money will go directly to your POD beneficiaries with your bank or financial services provider. The same can be done for securities and vehicle registrations and in some states, real estate, as well. Upon you death, all these assets automatically transfer to your POD beneficiary without going through probate.

You can avoid probate by owning property as follows:

1. Joint tenancy with right of survivorship. A surviving owner of a joint tenancy automatically inherits the property of the one who passes away without undergoing probate.

2. Tenancy by the entirety. This is similar to joint tenancy but can only be applied to married couples or registered same sex partners. It is also probate-free.

3. Community property with right to survivorship. Refers to properties located in different states that is co-owned by married couples. If one partner dies, the surviving part automatically owns the assets.

Gifts

Probate can also be avoided by giving away your property while you are still alive. If you no longer own the asset when you die, it won't go through probate. Most gifts are also not subject to federal gift tax.
 
Personalize & Print a Free IN Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
 
Personalize & Print a Free IN Living Trust Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Page 11
Page 12
Page 13
Page 14
Page 15
Page 16
Related Legal Services near Valparaiso, IN
Sherman Daniel W
2153 Ransom Rd
Valparaiso, IN 46385
(219) 462-9957
Attorneys
Baitup Joanne
1704 Calumet Ave
Valparaiso, IN 46383
(219) 464-9899
Attorneys, Family Law Attorneys, Divorce Attorneys, Business Bankruptcy Law Attorneys, General Pract
Baitup Inc Joanne
1704 Calumet Ave
Valparaiso, IN 46383
(219) 464-9899
Divorce Attorneys,  Elder Law Attorneys,  Bankruptcy Law Attorneys,  Attorneys,  Estate Planning Att
Foelber David A
504 Lincolnway
Valparaiso, IN 46383
(219) 464-9677
Attorneys,  Business Bankruptcy Law Attorneys,  Collection Law Attorneys,  Bankruptcy Law Attorneys
Harper Harold T
304 W US Highway 6
Valparaiso, IN 46385
(219) 762-9538
Malpractice Law Attorneys,  Attorneys,  General Practice Attorneys,  Legal Service Plans
Harper Robert P
304 W US Highway 6
Valparaiso, IN 46385
(219) 762-9538
Malpractice Law Attorneys, Attorneys, General Practice Attorneys, Legal Service Plans
Butterfield David A
11 Lincolnway
Valparaiso, IN 46383
(219) 464-9511
Accident & Property Damage Attorneys,  Attorneys,  Divorce Attorneys,  Real Estate Attorneys,  Famil
Brooks Law Office PC
354 West St
Valparaiso, IN 46383
(219) 462-9320
Social Security & Disability Law Attorneys,  Attorneys,  Family Law Attorneys,  Wills, Trusts & Est
Gloyeski Law Office
100 Lincolnway # 206
Valparaiso, IN 46383
(219) 465-9300
General Practice Attorneys, Attorneys
Douglas Mc Millan Law Office
57 Franklin St # 115
Valparaiso, IN 46383
(219) 464-9191
Attorneys,  Business Law Attorneys,  Arbitration Services,  Arbitration & Mediation Attorneys,  Medi
Canganelli Michael A
1404 Boca Lago Dr
Valparaiso, IN 46383
(219) 252-9089
Attorneys
De Boer David L
3506 Meadowlark Dr
Valparaiso, IN 46383
(219) 464-8862
Attorneys
Green William J
15 Franklin St # 235
Valparaiso, IN 46383
(219) 548-8787
Attorneys, General Practice Attorneys, Legal Service Plans
Betsy Walits Law Office
821 Lincolnway
Valparaiso, IN 46383
(219) 508-8607
General Practice Attorneys, Attorneys, Legal Service Plans
Brooks & Hine Pc
206 Lincolnway
Valparaiso, IN 46383
(219) 242-8550
Attorneys, Legal Service Plans
Heinold Elizabeth Attorney
205 Jefferson St
Valparaiso, IN 46383
(219) 462-8238
Attorneys
Soliday Matthew D
205 Jefferson St
Valparaiso, IN 46383
(219) 462-8238
Estate Planning Attorneys,  Attorneys,  Criminal Law Attorneys,  Wills, Trusts & Estate Planning At
Etzler Gordon A
251 Indiana Ave
Valparaiso, IN 46383
(219) 531-7787
Corporation & Partnership Law Attorneys,  Attorneys,  Business Law Attorneys,  Legal Service Plans
Nightingale Charles G
701 Lincolnway
Valparaiso, IN 46383
(219) 465-7766
Attorneys, Criminal Law Attorneys, Legal Service Plans
Pluister Lynn
334 W 806 N
Valparaiso, IN 46385
(219) 762-7728
Attorneys, Family Law Attorneys, Legal Service Plans
Phillips David R
2803 Boilermaker Ave # 1D
Valparaiso, IN 46383
(219) 476-7557
General Practice Attorneys, Attorneys
Maas Christina L
601 Lincolnway # 2E
Valparaiso, IN 46383
(219) 465-7482
Attorneys,  Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  A
Costas H Jonathon
156 Washington St
Valparaiso, IN 46383
(219) 548-7300
General Practice Attorneys, Attorneys, Legal Service Plans
Holesinger Clark
334 W 806 N
Valparaiso, IN 46385
(219) 763-7246
Attorneys, Criminal Law Attorneys, Tax Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Plan
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US