Can Probate Be Avoided?

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