Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

How to avoid probate

When a person in Ohio dies having left only a will, the decedent's family members must usually go through probate court in order to receive their inheritance. Because the process can be expensive and time consuming, many people try to plan their estates so that their beneficiaries can avoid it entirely.

One of the best ways to avoid probate is to set up a revocable living trust. A revocable living trust is a legal document that explains how a person's assets should be handled. The grantor of the trust will act as the trustee and maintain control of the trust assets while still alive. When they die, control of the trust is transferred to a successor trustee who is instructed to transfer the assets in the trust to family members in a specified way. As the trust is considered a legal entity separate and distinct from the grantor, its assets do not pass through probate.

There are other ways to avoid probate that do not involve setting up a trust. Those who own real property may decide to name a joint owner who has the right of survivorship. A person may also designate beneficiaries for many of their financial assets such as bank accounts, retirement accounts and brokerage accounts. Some people who wish to avoid probate decide to give away much of their wealth during their lifetime in the form of gifts.

Successfully avoiding probate takes careful planning. A person who would like to set up an estate plan to help their heirs avoid the probate process might want to consider consulting with an estate planning attorney. Legal counsel may be able to advise clients about tax-saving strategies for their estates and other methods for ensuring that their heirs receive the most benefit from their inheritance.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

EMAIL US FOR A RESPONSE

We are here to help. Contact our attorneys today.

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

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
6100 Oaktree Blvd.
Suite #200 - Park Centre 1
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
159 Crocker Park Boulevard
4th Floor
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us