3 SIMPLE WAYS TO AVOID PROBATE COSTS

Gabriel Katzner - January 7, 2016 - Estate Planning

(This is part 3 in a 4-part series)

The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars.

The good news: probate costs can be reduced by avoiding probate. It’s really that simple.

Here are three simple ways to avoid probate costs by avoiding probate:

1. Name a Beneficiary. The probate process determines who gets what when there is no beneficiary designation. So, naming a beneficiary is the easiest way to avoid probate. Common beneficiary designation assets include:

  • Life insurance
  • Annuities
  • Retirement plans

2. Create and Fund a Revocable Living Trust. A revocable living trust owns your property, yet you remain in charge of all legal decisions until your death. After your death, your named trustee manages your assets – according to your wishes. A trust works well if properly created and funded by an experienced estate planning attorney.

3. Own Property Jointly. Probate can be avoided if the property you own is held jointly with a right of survivorship. There are several ways that you can establish joint ownership of property, such as:

  • Joint tenancy with right of survivorship – ownership simply transfers to other tenants upon your death
  • Tenancy by its entirety – is a form of joint tenancy with right of survivorship, but only for married couples in some states
  • Community property – property obtained during a marriage in some states (though not New York)

State laws play an important role here. We can help you determine which form of joint ownership, if any, is a good fit for you.

We Have the Tools to Help You

Contact our office today. We’ll help you decide whether it makes sense to avoid probate in your particular case and, if so, the best way to do so.

You can schedule a call with us or reach us directly at 855.528.9637 to learn more about how best to plan today to protect those most important to you.

Part 1:

Nosey Neighbor Nellie Can Find out About Your Probate. Really. 

Part 2:

Help! This Probate is Taking Forever!!!

Part 4:

How to Avoid Sending Your Loved Ones (and Assets) Through Probate with a Revocable Living Trust

 

 

Gabriel Katzner

In 2002, Gabriel Katzner, the founding partner of Katzner Law Group received his Juris Doctorate with honors from the Fordham University School of Law. After spending the first 7 years of his legal career
practicing at Cahill Gordon & Reindel LLP, an international law firm based in New York, he went on to found his own firm.

Gabriel Katzner has a track record, along with a vast number of outstanding public reviews across platforms, of working hard on behalf of individuals who need assistance with comprehensive
estate planning services. Finding a lawyer who is knowledgeable about revocable and irrevocable trust planning, guardianship for minor children, asset protection, trust administration and probate,
as well as Medi-Cal / Medicaid planning is extremely important.

Years of experience: More than 17 years
Locations: New York, NY / San Diego, CA



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This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. Furthermore, it has received approval from attorney Gabriel Katzner, an experienced estate planning lawyer with over 17 years of legal expertise.

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