Is Probate an Absolute Requirement?

You may have heard that your estate must pass through probate after you pass away, and that there is really no easy way around it. This is not necessarily true. There are certain types of asset transfers that would not be subject to the probate process. These transfers could take place organically, even if you are not intentionally trying to avoid probate. Let s look at a few of these probate-free asset transfers. Payable on Death Accounts If you were to open an account at a bank, you would have the option of adding a beneficiary. This can also be the case when you are opening up a brokerage account. These accounts are called payable on death accounts or transfer on death accounts. They can also be referred to as Totten trusts. The beneficiary would not have the ability to touch the funds while you are living. After you are gone, the beneficiary would assume ownership of any remainder that may exist in the account. This transfer would not be subject to the process of probate. Despite


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s