How do you avoid probate?
This is a great question because a lot of times people call in to our office and they say, you know, I'm just calling to make sure everything's okay. My mom or dad had a will. So I know that there does not need to be a probate, but I just had a couple of questions and my response is always, whoa, hold on. And that is because whether you have a will or don't have a will, your estate will most likely have to go through the probate process.
Will or no Will?
If there is no will, then you look to your state, your jurisdiction, you look to your jurisdictions, laws of intestate succession on how your assets are going to be distributed. And I will tell you, in most cases, you are not going to like the way your assets will be distributed. Under your state's laws. The next way to distribute is under a will and your in your will, you can say exactly who you want to get your assets. Right. But the question is, how do you avoid probate so you can avoid probate in one of two ways.
How to avoid probate as a whole?
The first is be very very diligent and have everything that you own titled with somebody else. So like if you own your own house, you might own your house in a joint tenancy with your wife or in joint tenancy with your son or daughter and with joint tenancy means is it once you pass away or your son or daughter passes away, the house automatically goes to the surviving joint tenant. You can set up something similar in bank accounts and other types of financial accounts. Those usually have what is called beneficiary designations. And that just means once you pass away, that financial institution automatically pays out to whoever is designate it as that beneficiary. Same thing with insurance policies. You can name a beneficiary for your insurance policy. Again, once you pass away, the insurance company will pay directly to whoever that beneficiary is. So in very small estates where people have just like a house or one bank account or two bank accounts, and insurance policies, setting up your beneficiary designations and your pay on death designations, maybe all that you need to do to avoid probate. So that is one route.
A Revocable Living Trust
The other and the one that I like more often, as you know, is to set up a revocable living trust centered estate plan and put all of your assets into the name of your trust and have your successor trustee upon your passing distribute those assets according to the terms that you have in your revocable living trust.
Estate Planning Guide
I know I've thrown a lot at you today so that's why we've prepared our free guide on estate planning. I'll put a link to it in the description below and in the comment section below that so that you can download it and get started in the right direction and to help you out even more. Watch this video up here and this video up here. If you enjoyed this video then guys, please smash that subscribe button and click on the like button and also click on that little bell so you'll get notified every time we post a new video Have a great day and an awesome week. And as always, thanks for watching.
Find us on Facebook
Find us on Birdeye
Find us on Instagram
Directions on Google Maps
Videos on YouTube
Cortes Law Firm
5801 Broadway Extension Hwy Suite 110
Oklahoma City, OK, 73118