Protecting Your Estate From Probate
Many families have experienced significant hardship after a loved one has passed, and it is made worse by having to deal with the probate process. There are steps one can take to avoid probate, but you need to know what to do in order to have a plan in place to carry out your wishes.
At Family Law Group, in Colorado Springs, as part of our estate planning and probate practice, we help individuals develop sound strategies to help protect and preserve assets in as efficient manner as possible. We have listed some of the steps we can take below, and invite you to come in and talk to us about the options you have available to help you avoid the probate process.
Creating A Trust
This is perhaps the most common way of preventing property from going through probate. By creating a trust, you pass along assets at the time of your death to another person. Certain trusts allow you to use or have access to the assets you are transferring, and also allow you to make changes to the trust at any time. Our attorney will work with you to identify the right trust for your situation, and which assets you should protect with your trust or trusts.
Assets Passing Through “Right Of Survivorship”
Certain assets, such as your home or other property, may be owned with another person, usually your spouse. If you were to pass away, this property passes to the living spouse without going through probate.
Complications can arise here if you or your spouse purchased the home in your own name, so you need to be sure the proper documentation is in place. Our lawyer can help you determine if you need to take any additional action when estate planning to ensure this property is protected.
Transfer On Death Designations
Other methods to avoid probate include using “transfer on death” or “payable on death” accounts. This allows you to transfer assets such as bank or checking accounts to certain individuals at the time of your passing.
Learn More About The Options Available To You
We know that this can be a confusing subject to talk about, and we make it easier for you to understand during your initial consultation. To schedule a time to meet with us, call our office at 719-900-3792 or send us an email.