When someone passes away, their family and loved ones may have to go through probate, where the deceased party’s assets are transferred to the ones who are inheriting them. It can take a long time and be very complicated and confusing. People try to avoid it as much as possible.
By learning how you can avoid it in Ohio, you may be able to save yourself the time, money, and stress of going through this process. Here are a few different ways to steer clear of probate.
Create a Living Trust
You can avoid probate in Ohio by creating a living trust for pretty much all of your assets. You will have to work with a lawyer to make a trust document, which will name a successor trustee who will take over as the trustee after you pass away. Your lawyer will assist you with transferring ownership of your assets to yourself since you’re the trustee of the trust. Then, your successor trustee can avoid probate by transferring your assets to the trust beneficiaries.
Use Payable-on-Death Designations
With your bank accounts such as CDs and savings accounts, you can use payable-on-death designations to avoid probate. When you are deceased, the beneficiary can go to the bank and simply claim their money.
Use Real Estate Transfer-on-Death Deeds
You can use a transfer-on-death deed for your real estate to avoid probate. This requires you to sign and recording a designation affidavit, which will become active when you pass away. The beneficiary doesn’t have any power until then, so if you decide to revoke it or sell your real estate, then you can.
Find an Estate Planning Lawyer
If you need help with estate planning and avoiding probate, contact Richard P. Arthur, Attorney at Law, at 937-254-3738 for a consultation. He has nearly three decades of experience advocating for families in Dayton, Trotwood, and Montgomery County and he’s ready to assist you, too.