8 ways to avoid probate 4th (2003)

[...]... INTRODUCTION Thinking About Probate Avoidance A WHY IT’S WORTH YOUR WHILE TO AVOID PROBATE Intro/2 B WHAT PROBATE AVOIDANCE CAN’T CHANGE Intro/6 1 Taxes Intro/6 2 Your Family’s Right to Inherit Intro/7 3 Your Creditors’ Rights Intro/9 C COMPARING PROBATE- AVOIDANCE METHODS Intro/10 D A LICK OF COMMON SENSE Intro/13 Introduction/ 2 8 WAYS TO AVOID PROBATE P robate,... into their profits The dearth of reform has, ultimately, spurred an end-run around probate If you can’t change it, people have decided, avoid it altogether For a convincing collection of horror stories about probate s sometimes devastating effect on families, see How to Avoid Probate! by Norman Dacey (HarperCollins Publishers Inc.) B What Probate Avoidance Can’t Change Avoiding probate has much to. .. planning to avoid probate You may well want to use one technique for avoiding probate of real estate and another for stocks, for example Some options for common kinds of assets are listed below Not every option is available in every state; each method’s advantages and limitations are discussed in detail later in the book Introduction/ 12 8 WAYS TO AVOID PROBATE CHOOSING THE RIGHT PROBATE- AVOIDANCE... your property go through probate It’s all or nothing If you want to take advantage of probate s creditor cutoff, you must let all your property pass through probate If not, the creditor could still sue (even after the probate claim deadline) and try to collect from the property that didn’t go through probate C Comparing Probate- Avoidance Methods Given the plentiful drawbacks of probate, it’s not surprising... 1/17 1 How to Change a P.O.D Designation 1/17 2 Contradictory Will Provisions 1/ 18 3 Property Settlement Agreements at Divorce 1/19 F CLAIMING THE MONEY 1/20 1/2 8 WAYS TO AVOID PROBATE P ayable-on-death bank accounts offer one of the easiest ways to keep money—even large sums of it—out of probate All you need to do is properly notify your bank of whom you want to inherit... advantages and disadvantages Thinking About Probate Avoidance Introduction / 13 D A Lick of Common Sense Probate avoidance is not a religion—or at least, it shouldn’t be To hear some people, though (especially the ones selling various probateavoidance advice or documents), failing to avoid probate for every one of your assets is tantamount to neglecting a moral duty to your family Don’t believe it Doing... needs to be handed over to the new owners, which is what probate- avoidance methods let you do The successful use of living trusts and other probate avoidance techniques by millions of Americans is convincing evidence that if probate were gone, we wouldn’t miss it Probate is a windfall for lawyers Probate is such a profit center for lawyers that they go to great lengths to secure business (and to block... proceeding there, too That means finding a lawyer in each state and financing multiple probate proceedings No fun there Introduction/ 6 8 WAYS TO AVOID PROBATE WHY REFORM DOESN’T HAPPEN If the probate system is such a mess, why hasn’t it been cleaned up? It’s the responsibility of state legislatures to change probate laws, and there have been some attempts at reform But it’s hardly a hot-button issue—no... notified of the probate proceeding to file their claims promptly Introduction/ 10 8 WAYS TO AVOID PROBATE As a practical matter, however, avoiding probate may actually provide more protection from creditors When property is distributed without probate, there is no legal requirement (as there is in probate) that creditors be notified in writing They may not know of the death for years They may not know... Marge and Elaine deteriorate Marge decides to remove Elaine as P.O.D beneficiary and instead name her nephew, Max When Marge dies, Elaine doesn’t inherit any of the money in the account—even though she’s firmly convinced that her father intended her to 1/6 8 WAYS TO AVOID PROBATE Adding a P.O.D beneficiary to a joint account not only avoids probate, but allows you to plan for the unlikely event that both . Inc. COVER Toni Ihara Randolph, Mary. 8 ways to avoid probate / by Mary Randolph. 4th ed. p. cm. Includes index. ISBN 0 -87 337-915-2 1. Estate planning United States Popular works. 2. Probate law. else possible. CONTENTS INTRODUCTION THINKING ABOUT PROBATE AVOIDANCE A. WHY IT’S WORTH YOUR WHILE TO AVOID PROBATE Intro/2 B. WHAT PROBATE AVOIDANCE CAN’T CHANGE Intro/6 C. COMPARING PROBATE- AVOIDANCE METHODS Intro/10 D Inherit Intro/7 3. Your Creditors’ Rights Intro/9 C. COMPARING PROBATE- AVOIDANCE METHODS Intro/10 D. A LICK OF COMMON SENSE Intro/13 Introduction/ 2 8 WAYS TO AVOID PROBATE Probate, lawyers say, is