Are All Asset Transfers Subject to the Probate Process?

There is a legal process called probate that comes into play under many circumstances when assets are being transferred after someone dies. One way to describe probate property would be property that was in your sole, direct possession at the time of your death. Every asset transfer would not be subject to the probate process, because property that is being transferred may not fit the above description. Let s look at some types of asset transfers that would not be subject to the probate process. Living Trusts You could convey property that would otherwise be probate property into a revocable living trust. While you are living, you would still have control of this property, and you could dissolve the trust and take back direct possession of the property at any time. In the trust declaration, you name a trustee to administer the trust after you are gone, and you include instructions with regard to the way that you want the assets distributed. After your passing, the trustee would follow


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