How can I avoid probate?
There are many ways to avoid probate. A living trust is one option to hold legal title to certain types of property until the time of death. A trust is a separate legal entity that survives beyond its creator. The property held in a trust bypasses probate and is passed to beneficiaries according to the trust documents.
Certain assets can also be passed to beneficiaries without probate. Bank accounts, for example, can be designated as payable on death (POD) with the credit union or bank to immediately transfer assets to a beneficiary. Cars and boats can be passed on by designating a beneficiary with a Transfer on Death title. Certain types of real estate ownership also bypass probate.
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