How to Avoid Probate in California

8:31 am Uncategorized

Probate is a legacy no one should leave – and thankfully, most people do want to spare their heirs the time-consuming, costly and lengthy process of having to go to probate court to transfer their assets upon death.  It takes some advance planning – and a little help from a California asset protection lawyer – but there are ways you can avoid probate in California.

Living Trusts. You can use a living trust in California to avoid probate for the assets you wish to pass on to heirs, be it real estate, real property, bank accounts, and more.  Your asset protection lawyer can help you create the trust document, name a trustee and transfer ownership of your assets to the trust.

Joint Ownership.  If you and your spouse or other person own property jointly and the ownership documentation includes right of survivorship, no other action is necessary to avoid probate in California once the first owner dies.  In California, there are two types of joint ownership – joint tenancy and community property with right of survivorship.

Bank Account POD. Adding a Payable-on-Death (POD) designation to your bank accounts will allow your beneficiary to claim those accounts without probate upon your death.

Securities TOD. Registering your stocks, bonds and other securities in Transfer-in-Death (TOD) form allows your beneficiary to inherit those accounts automatically upon your death, without the need for probate.

For more information on avoiding probate in California, contact our California asset protection law firm.

Get started by contacting our Orange County asset protection estate planning law firm as soon as possible.

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