How do you avoid probate costs for assets listed on a Will?
Assets listed on a will
I had the fortunate opportunity to review a few of the many options for avoiding probate costs when you have assets listed on a Will. I found that some of these options are most useful for individuals who have a bigger net worth. For example, if you want to leave assets to your spouse or children, there are several tools that can make it less costly to do so.
Moving your assets before death
If you want to move assets around before your death, you may be able to use an Irrevocable Trust or a Living Trust. If you want to give away property now and cut the time it would take to transfer the asset after your death, try gifting.
A revocable living trust or a joint ownership account
If you want to avoid probate costs for certain assets, the solution is to make sure they are held in a revocable living trust or a joint ownership account. A revocable living trust can hold all of your assets, and it will continue to be owned by you during your lifetime.
A revocable living trust
A revocable living trust is a great way to avoid probate costs with tangible items like real estate and vehicles. With a revocable living trust, you can still control your property and transfer it as you wish during your lifetime. Unlike a regular will, a revocable living trust avoids probate costs because it is not filed with the court when you die.
IRA account
If you have an IRA account or other retirement savings that are listed on your will, a revocable living trust is the best way to avoid probate costs. In fact, the IRS requires that retirement accounts be re-titled into beneficiary forms rather than beneficiary designations on wills when someone dies.
An IRA account through a will
If someone inherits an IRA account through their will, they do not have access to that money until the account is transferred into their name, which can take months or even years depending on how the account was titled at the financial institution. If you title IRAs or other retirement savings in beneficiary form
If you have questions, you can get a free consultation with the Best Probate Lawyers.
Parklin Law - Probate Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
