Ways to Avoid Probate (2024)

Avoiding Probate: The Big Picture

Avoiding Probate: The Big Picture

• How to Avoid Probate

  Learn the most popular ways of avoiding probate.

• Why Avoid Probate?

  Most of us have heard that it's wise to avoid probate court, here's why.

• What Probate Avoidance Can't Change

  Avoiding probate is a smart strategy, but it doesn't avoid family obligations, taxes, or debts.

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Ways to Avoid Probate

Ways to Avoid Probate

• Adding a POD Designation to a Joint Account

  Here's an easy way to avoid probate for a joint bank account.

• Avoiding Probate: The Small Estate

  If your estate is relatively small, you may not have to worry about probate at all. Almost every state now offers shortcuts through probate -- or a way around it completely -- for "small estates." Often, you can claim property by using affidavits and skip probate entirely. Or take advantage of many states' quick, simple procedures for small estates.

• Avoiding Probate With Transfer-on-Death Accounts and Registrations

  Leave property without probate using payable-on-death accounts, registrations, and deeds.

• Avoiding Probate with Joint Ownership

  Several forms of joint ownership provide a simple and easy means of avoiding probate when the first owner dies. In fact, many couples conclude that holding title to their major assets as joint owners is all the estate planning they want to engage in, at least while they are younger. To avoid probate by taking title as joint owners with someone else, you state on the paper that shows your ownership (a real estate deed, for example) how you want to hold title. Usually, no additional documents are needed.

• Avoiding Probate With Joint Tenancy

  Joint tenancy is unquestionably the most popular probate-avoidance device around. And why not? Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. Setting up a joint tenancy is easy, and it doesn't cost a penny.

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Questions About Avoiding Probate

Questions About Avoiding Probate

• If I name beneficiaries for my bank accounts, should I include them in my will?

  If I fill out a beneficiary form for my stock, IRA, or bank account (to avoid probate), should I name the beneficiaries in my will, too? Or will that only muddy the waters? Also, does naming beneficiaries for these accounts help with the overall estate taxes if they are not listed in the will?

• How Do I Set up a Payable-On-Death Account?

  How do I set up payable-on-death accounts for my bank accounts? If I establish pay-on-death for my accounts and I die, can the person I have designated on the account get access to my money right away, or is the money frozen?

TOD Beneficiaries for Securities and Vehicles

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• How the New Owner Claims Transfer-on-Death Real Estate

  For those who inherit real estate through a TOD deed, getting title to the property is faster, simpler, and less expensive than going through probate.

• How to Prepare a Transfer-on-Death Deed

  If you want to leave behind real estate using a TOD deed, make sure it meets your state and county's requirements.

• Naming a TOD Beneficiary for Your Car

  If your state allows it, consider naming a transfer-on-death (TOD) beneficiary for your vehicles.

MoreSee all TOD Beneficiaries for Securities and Vehicles TopicsSee More TOD Beneficiaries for Securities and Vehicles Articles

POD Bank Accounts

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• Payable-on-Death (POD) Accounts: The Basics

  Payable-on-death bank accounts offer an easy way to keep money—even large sums of it—out of probate.

• Adding a POD Designation to a Joint Account

  Here's an easy way to avoid probate for a joint bank account.

• If I name beneficiaries for my bank accounts, should I include them in my will?

  If I fill out a beneficiary form for my stock, IRA, or bank account (to avoid probate), should I name the beneficiaries in my will, too? Or will that only muddy the waters? Also, does naming beneficiaries for these accounts help with the overall estate taxes if they are not listed in the will?

MoreSee all POD Bank Accounts TopicsSee More POD Bank Accounts Articles

Retirement Accounts and Estate Planning

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• Estate Planning: IRAs and 401(k) Accounts

  Retirement plans can be a significant part of your estate plan.

• Required Minimum Distributions (RMDs) From Retirement Accounts

  Eventually, you must take money out of your non-Roth retirement accounts every year—or pay hefty penalties.

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Avoiding Probate in Your State

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• Avoiding Probate in Florida

  Probate court proceedings (during which a deceased person's assets are transferred to the people who inherit them) can be long, costly, and confusing.

• Avoiding Probate in California

  Probate court proceedings (during which a deceased person's assets are transferred to the people who inherit them) can be long, costly, and confusing.

• Avoiding Probate in New York

  Probate court proceedings can be long, costly, and confusing. Learn how New York families can save time, money, and hassle

• Avoiding Probate in Texas

  Probate court proceedings can be long, costly, and confusing. Learn how Texas families can save time, money, and hassle

MoreSee all Avoiding Probate in Your State TopicsSee More Avoiding Probate in Your State Articles