Probate could be a time-consuming as well as a daunting process. This process is done to make sure a settlement is reached regarding an estate after a person dies. While probate is meant to streamline the division of the property as well as the asset, it is not a simple step always. There are several ways by which a person with help from probate attorney San Antonio, the heir would be able to avoid it. This would include a living trust, having joint custody and other following methods.
Living Trust:
This is a legal entity that is created by a person who is the maker of the will that would allow a third party to manage the property and the asset for the benefit of the beneficiary. A trust could be of diverse types. While to avoid probate, the one you should be opting for would be the living trust.
One major difference would be that the granter would be alive when the trust would be documented. This would allow the granter possession when they would be alive but pass on to the beneficiary when dead.
Not just ensuring that everything would be organized, but with the help of living trust, you would be able to avoid tax paying regarding property and assets. Living wills are mostly revocable. An estate planning attorney would be able to help you by advising on transferring the maximum asset to ensure probate is not necessary.
Joint Property Ownership:
This simple word would mean that a single property would have more than one owner. There is one type called joint tenancy. This works for married couples and when one spouse would pass away, the other one would inherit the property.
The other type would be community property ownership with the right to survivorship. The best way to avoid probate would be by adding the term in the document ‘right to ownership’. And with that with the death of one owner, it would pass on to the next one.
Naming Beneficiaries:
Another way you would be able to avoid probate would be by naming beneficiaries on accounts that would allow this type of asset protection. And this is meant for people who do not have a significant amount of property to include in their living will. And naming a beneficiary would help you avoid the probate process which could be time-consuming.
Various probate attorney San Antonio would be the perfect match for people looking for ways they would be able to avoid probate without any hassle.
