Bypassing the probate process can help beneficiaries to save money and time. It also minimizes disputes between family members while ensuring that the deceased’s property gets inherited effectively. If you are not aware of the probate procedure, you cannot easily understand how to avoid it.
Information on the process can be found on the internet. You can also get this from an estate planner or an attorney based on your state.
The only reliable way of keeping your estate from probate is through setting up a trust. However, these are only reserved for specific people whose asset value is higher than a certain amount. People who own small estates can also take alternative measures such as the designation of beneficiaries to avoid probate.
During estate planning, a decedent will get executed, and their estate was given to the legal heirs. Some estate owners may get old, incapacitated, and unable to make any decisions concerning their estate. These people can designate POA or Power of Attorney Rights to allow a third party to make decisions on their behalf. The person will be able to settle any bills associated with the estate, change property titles, and make any other legal decisions associated with the estate.
For such incapacitated individuals and any other person that may wish to secure their property from probate, several ways can be used to ensure the distribution of assets outside probate. This can be done through Pay on Death or Transfer on Death Registration.