If you are starting to plan your estate in Ohio, it is likely that you will be trying to avoid probate. As many people know, probate is the standard procedure that takes place when processing a person’s estate. While it helps to ensure that assets are distributed according to the will of the deceased person, it is economically inefficient and can take a long time to complete.
This is why many people who are planning their estate decide to put some of their assets in trusts. Assets that are placed in trusts are able to avoid the probate process. In addition to creating trusts, there are several other ways to avoid probate that may be easier to organize and manage.
Owning joint property
If you own property jointly, this means that the surviving owner will automatically inherit the entirety of that asset. For example, if you have a joint bank account with your spouse, the contents of the joint bank account will automatically become the asset of your spouse upon your death. By understanding the power of joint ownership, you can ensure that certain assets avoid the probate process through this method.
Many types of assets, such as retirement accounts, make it possible for you name a “payable upon death” beneficiary. This means that these accounts will bypass the probate process and go directly to the person you have named.
If you want you estate and your loved ones to avoid the probate process, it is best to start looking at creative estate planning options as soon as possible.