Probate is a time consuming affair. It is not that easy to come to an amicable solution on a probate as easy as we think. Conducting probate case is an expensive affair too. So it is always advisable to avoid a probate proceeding.
Why to avoid a probate:
When we say it is better to avoid a probate, we need to know why it is to be avoided in the first place.
• Probate is a time consuming affair. It can prolong for months or years even.
• Probate procedure is a very expensive affair too. The fee part on a probate, court fee and lawyer fee put together, will come to 5-6% of the total values of the property to be probated.
• Even if there is no further debate on the will also, you need to spent a lot on executers’ fee administration charges, court fee etc.
How to avoid a probate:
It is always good if a probate is avoided for the reasons mentioned above. There are some possibilities where we can avoid a probate;
It is best if you can handle it with the help of administrators, avoiding a probate lawyer. But it happens on in rare cases.
You can use probate books (Self-help books on probate) to handle it on your own if you have a mandate to do it independently
At times, you could hire a probate lawyer to seek some basic advices from him and this could reduce the chances of going for a probate case.
It is always best to disburse the proceeds of a will without going for a probate case. There are so many ways and means to avoid a probate without going legal. There are some simple but effective measures to be used to avoid a probate proceeding. They are as follows;
1. Revocable living trust:
It is one of the best methods to avoid spending so much time, energy and money on probate proceedings. In this procedure, after the death of a person his property will automatically go to a trust. The trust can pass on the wealth and other assets to the beneficiaries mentioned in the living trust prepared by the deceased when he was alive. But make sure that the concerned person who prepares the living trust should mention the details of his legal heirs in the living trust.
2. Pay-on-death Account:
Another option is to convert all the bank account to a payable-on –death account. There is a provision to name the beneficiary/s when somebody submits the form to open a pay-on-death account. After his death, this money will go to his/her beneficiaries mentioned therein. In some states of US, there is provision for transferring other estate properties also under this type of a scheme. In that scheme, a person can transfer his properties to a transfer-on death real state deed. It is very safe and secured because it will get transferred to the beneficiaries only after the death of a person who does it. There I no room for any further confusion on it.
3. Joint ownership of Property:
In this method, a person can show on the paper that, his/her property will go to the next joint owners and with which a probate can be avoided. It can be done in several ways such as Joint tenancy with right of survivorship, tenancy by entirety, community property with right of survivorship.
4. Gift:-This is another method to avoid probate. You can give your property as a gift to someone while you are alive.
