Is Probate Always Required
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The document discusses ways to transfer assets outside of probate. Assets can avoid probate through joint tenancy, where property jointly owned passes to the surviving owner. Life insurance and payable on death accounts allow beneficiaries to receive assets without probate by naming beneficiaries. Revocable living trusts allow the grantor to maintain control over assets during life and pass them to beneficiaries outside probate after death. The document encourages learning more about probate and avoidance strategies through a legal consultation.
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Is Probate Always Required
- 1. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 IS PROBATE ALWAYS REQUIRED?
- 2. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 ESTATE ADMINISTRATION The probate process will be a factor if you pass away while you are in direct personal possession of property
- 3. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 During probate the Surrogate's Court supervises the administration of the estate.
- 4. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 TRANSFERS OUTSIDE OF PROBATE
- 5. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 There are certain types of asset transfers that would take place outside of the probate process.
- 6. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 We will look at some of them in this presentation.
- 7. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 JOINT TENANCY
- 8. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you own property, you can add a co-owner.
- 9. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This is the condition of joint tenancy.
- 10. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 After you die, the joint tenant would assume ownership of the entirety of the property.
- 11. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This transfer would not be subject to the probate process.
- 12. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LIFE INSURANCE PROCEEDS
- 13. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 When you take out an insurance policy on your life, you name a beneficiary.
- 14. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 After your passing, the insurance company would deliver the proceeds to the beneficiary.
- 15. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 This transfer would take place outside of probate.
- 16. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 PAYABLE ON DEATH ACCOUNTS
- 17. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Banks and brokerages offer payable on death accounts.
- 18. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 With this type of account, you name a beneficiary.
- 19. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 After you die, the beneficiary would assume ownership of assets that remain in the account.
- 20. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 The court would not be involved.
- 21. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 REVOCABLE LIVING TRUSTS
- 22. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Revocable living trusts are very popular among people who want to avoid probate.
- 23. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 You maintain control of the assets in the trust while you are living.
- 24. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 After your death, the trustee can distribute assets to the beneficiaries free of the probate process.
- 25. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Your agent will be empowered to handle your financial affairs in the event of your incapacitation.
- 26. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LEARN MORE ABOUT PROBATE
- 27. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 If you would like to obtain more information about probate and probate avoidance strategies, contact our firm to set up a free consultation.
- 28. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 LEARN MORE ABOUT PROBATE IN ROCHESTER NEW YORK
- 29. 196 North Main St., PO Box 417, Naples NY 14512 1163 Pittsford-Victor Road, Suite 120, Pittsford 14534-3817 Click to visit mrobinsonlaw.com. Or call us at (585) 374-5210 to schedule a consultation.