The Law Office Of Paul D. White P.A. knows that the probate process can be long and stressful for you and your family, especially if you are the executor or the administrator of the estate. There can be numerous delays on getting inheritances to their rightful people, and there are numerous fees and costs that need to be paid out.
With our over 26 years of probate experience, we can help you avoid some of these issues and expedite the process to keep your assets out of probate.
Joint Ownership Of Assets
If more than one person owns a property at the time of the person's death, the property avoids going into probate if the ownership includes "right of survivorship." Joint tenancy and tenancy by the entirety are two forms of joint ownership that invoke a "right of survivorship." Joint tenancy involves two or more people owning equal shares of a property, such as a house or bank account. Tenancy by the entirety is a form of joint tenancy for married couples.
Avoiding Probate With Living Trusts
Living trusts, also known as inter vivos trusts, allow a person (designated as the trustee) to hold legal title for someone else while that person is still alive instead of being designated in a will. Because the trustee does not have the assets, they are not considered probate property.
Other tools to help you avoid probate include:
- Payable-on-death designations for bank accounts
- Transfer-on-death designations for securities, real estate and vehicles
Talk To An Experienced Probate Lawyer Today
The Law Office Of Paul D. White P.A. is based in Bryant, Arkansas, and serves clients throughout Saline County. To arrange your free initial consultation, fill out our online contact form or call 501-847-5556.
