For many, probate court is one of the arduous aspects of estate administration. Probate is time consuming, public, and costs money.
Thankfully, prudent estate planners can avoid probate in New York. Here are three such ways:
Trusts
Estate assets can be transferred into a trust. Trusts are not subject to probate; their assets are managed by the trustee and doled out to the beneficiaries according to the terms of the trust.
Joint ownership
For most people, their house will comprise the lion ‘s share of their estate’s value. Thankfully, there’s an easy to way keep real estate out of your estate and, in turn, out of probate.
Homeowners can simply make their spouse a “joint-owner” of the property. When they die, full title simply transfers to the joint-owner, no probate required.
Payable-on-death accounts
Certain bank account can be designed as “payable-on-death” or P.O.D. The account creator retains full ownership of the account’s assets until his death, at which time full ownership will be transferred to a designated party.
With so many options and considerations, identifying the estate plan that’s right for you is challenging.
The best way to ensure your estate remains intact and in the right hands is by hiring an experienced trusts and estates lawyer.
A lawyer can craft a bespoke strategy that protects your interests, saving you time and stress in the long run.
Buffalo residents shouldn’t hesitate to reach out. If cost is a concern, many lawyers offer a free initial consultation at no out-of-pocket cost to the client.
