Mahaffey & Associates, LLC
Call For A Free Consultation
888-422-6894

You can skip probate?

Yes -- it is true, for many kinds of assets.

The best way to keep a critical asset out of the probate process is not to own it - at least, not all by yourself.

We at Mahaffey & Associates LLC encourage clients in the Toledo area to consider the benefits of co-owning assets like real estate and car. Generally, you sign co-ownership documents with family members or very close friends.

If you are married and own almost everything in common with your spouse, you may not have to pass through probate at all.

A common and simple form of co-ownership is called Tenancy in Common, or TIC. This arrangement divides a property into shares. When one co-owner dies, the property passes immediately to the surviving share owners. This pattern of passing along is called the right of survivorship.

There are other ways to sidestep probate:

  • You can give assets away to a loved one, or to a charity. Once it is legally in their hands and out of yours, the asset does not pass through probate.
  • Life insurance proceeds go directly to named beneficiaries. It is important to name beneficiaries of mutual funds, too.
  • You can mark bank accounts as payable-on-death and investment accounts as transfer-on-death. The money changes hands before probate can consider it.
  • You can put property in a living trust. At that point it belongs to the trust and not to you. The trust includes instructions as to whom the assets go.

In addition, some assets avoid probate by their very nature: retirement accounts and pension distributions, earnings you were owed at the time of death, and other assets.

As you can see, all these solutions are about documentation and written in standard "legalese." But they are not especially complex. A trusted lawyer can help you set up an effective defense against probate quickly and affordably.

No Comments

Leave a comment
Comment Information

Ready To Help

Call Mahaffey & Associates, LLC, toll free at 888-422-6894 to speak with one of our experienced lawyers.

We offer free initial phone consultations. Evening and weekend appointments are also available upon request.

We accept Visa, MasterCard, Discover and American Express.

VISA | MasterCard | American Express | Discover Network
Tell Us About Your Legal Need

Tell Us About Your Legal Need

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

A Full Service Firm For Northwest Ohio with Three Convenient Locations 24/7 Phones And Appointments Taken at 888-422-6894.

Sylvania Office
8527 Central Avenue
Sylvania, OH 43560

Sylvania Law Office Map Phone: 419-829-2255

Northwood Office
3200 Woodville Road
Northwood, OH 43619
Map & Directions Phone: 419-693-5515
By Appointment Only

Toledo Office
3131 Executive Parkway, Suite 100
Toledo, OH 43606
Map & Directions Phone: 419-472-5555
By Appointment Only