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Can Probate Be Avoided?

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Information about Can Probate Be Avoided?
Education

Published on February 22, 2014

Author: zimmerlawoh

Source: authorstream.com

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Can Probate: Can Probate Be Avoided? Estate Planning and Probate: Estate Planning and Probate PowerPoint Presentation: Before we examine probate avoidance, let's look at probate itself PowerPoint Presentation: PROBATE can be defined as the legal process of estate administration PowerPoint Presentation: When you use a will to direct the transfer of your personal property, the administration of the estate is supervised by the probate court Probate Pitfalls: Probate Pitfalls PowerPoint Presentation: Probate provides certain protections, but there are three primary pitfalls PowerPoint Presentation: For one thing, probate is time-consuming PowerPoint Presentation: Secondly, probate can be expensive PowerPoint Presentation: Lastly, probate is a public proceeding PowerPoint Presentation: Anyone could find out what took place during the process AVOIDING PROBATE: AVOIDING PROBATE PowerPoint Presentation: Now, let's get into probate avoidance It is indeed possible to arrange for asset transfers outside of probate: It is indeed possible to arrange for asset transfers outside of probate PowerPoint Presentation: There are a number of different ways of accomplishing this objective PowerPoint Presentation: Flawed Solutions PowerPoint Presentation: There are some simple but flawed probate avoidance solutions PowerPoint Presentation: These would include payable on death accounts and joint tenancy PowerPoint Presentation: Assets can be transferred outside of probate using these methods PowerPoint Presentation: However, unintended negative consequences can arise PowerPoint Presentation: Revocable Living Trusts PowerPoint Presentation: A very solid and reliable way to transfer assets outside of probate is through the creation of a REVOCABLE LIVING TRUST Revocable Living Trusts PowerPoint Presentation: After you pass away, the trustee that you choose distributes assets to the beneficiaries PowerPoint Presentation: These distributions are not subject to the probate process PowerPoint Presentation: Revocable living trusts enable fast and efficient asset transfers outside of probate PowerPoint Presentation: Another part of the appeal is the fact that you retain control of the assets that are in the trust while you are living PowerPoint Presentation: You can change the terms or revoke the trust entirely if you choose to do so Cincinnati Estate Planning Consultation: Cincinnati Estate Planning Consultation This presentation should have provided you with some valuable but basic information: This presentation should have provided you with some valuable but basic information If you would like to discuss probate avoidance strategies with a licensed attorney contact our firm to schedule a free consultation : If you would like to discuss probate avoidance strategies with a licensed attorney contact our firm to schedule a free consultation PowerPoint Presentation: (513) 721-1513 Click to visit: ZimmerLawFirm.com

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