Understandably, many of our clients wish to avoid probate. To explore how this might be done, if at all possible, it is essential to review the ownership of all assets, beneficiary designations, family relationships, tax implications as well as relationships among family members and the goals of the client. Only then can we recommend what steps should or should not be taken to avoid probate. Avoiding probate is usually possible when one spouse dies leaving a surviving spouse. For example, probate is not generally required if the spouses own assets jointly or where an asset, such as life insurance, is payable to the surviving spouse by way of a beneficiary designation.
Avoiding probate from one generation to the next is much more problematic and, in fact, can be more costly to the estate if changes to ownership or to beneficiary designations are done without considering tax and other implications. In my next blog, I will explore issues relating to probate avoidance between generations.
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Blog posts pre-dated December 1, 2015 were originally published under Neff Law Office Professional Corporation.