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 Zip Code 49120

How to Secure Your Assets and Avoid Probate in Zip Code 49120


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 MI 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 MI 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 Zip Code 49120
Landgraf Jr Robert L
19 S 3rd St
Niles, MI 49120
(269) 683-8300
Attorneys, Legal Service Plans
Landgraf, William R
224 N 4th St
Niles, MI 49120
(269) 683-8200
Attorneys, Probate Law Attorneys, Wills, Trusts & Estate Planning Attorneys
Disability Claims of Western Michigan
33888 Winkler Rd
Niles, MI 49120
(866) 245-8186
Social Security & Disability Law Attorneys, Attorneys, Social Security Services, Legal Service Plans
Mollison James J
4 S Lincoln Ave
Niles, MI 49120
(269) 684-7600
Attorneys, Wills, Trusts & Estate Planning Attorneys, General Practice Attorneys, Estate Planning At
Bealor Carol Montavon Law Office
1213 Oak St
Niles, MI 49120
(269) 684-5996
Attorneys, General Practice Attorneys, Legal Service Plans, Criminal Law Attorneys, Family Law Attor
Drew Law Office
302 Sycamore St
Niles, MI 49120
(269) 683-5121
Accident & Property Damage Attorneys, Personal Injury Law Attorneys, Attorneys
Kotz Sangster Wysocki and Berg PC
12 Longmeadow Village Dr
Niles, MI 49120
(269) 697-4863
General Practice Attorneys, Attorneys, Legal Service Plans
Dowling Law Office
25 N 4th St
Niles, MI 49120
(269) 683-3976
Criminal Law Attorneys,  Family Law Attorneys,  Accident & Property Damage Attorneys,  Wills, Trust
Smith Peter Law Offices
423 Sycamore St # 102
Niles, MI 49120
(269) 683-3300
General Practice Attorneys, Attorneys
La Sata Charles J
2619 N US Highway 31
Niles, MI 49120
(269) 684-1277
Attorneys, Legal Service Plans
Feldman Gregory H
317 Broadway St
Niles, MI 49120
(269) 683-0700
General Practice Attorneys, Attorneys
Stone Donald P
1004 Tomahawk Ln
Niles, MI 49120
(269) 684-0504
Attorneys
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US