How to Avoid Probate Without a Trust
The easiest way to avoid probating estate assets is to put those assets in a trust. This, however, is also an expensive and cumbersome way to do it, that typically requires numerous transfers and funding steps to put all of the assets inside. It isn’t for everyone.
The good news is that for most people, you don’t need a trust to avoid probating your or a loved one’s assets. Here are some basic steps you can take to make sure that everything goes to who you want it to without every stepping foot in court.
Real Property
Two easy, low-cost ways to keep your real property out of probate are survivorship deeds, or transfer on death designation affidavit.
A Survivorship deed is a deed that gives co-owners survivorship rights upon another property owner’s death. You will often see this with married couples purchasing the house. This way, the house does not have to go through the probate process and instead can transfer directly to the spouse. Any deed can be a survivorship deed if 1) there is more than one owner and 2) the language to the new owners is “for their joint lives remainder to the Survivor of them.”
A transfer on death designation affidavit (“TOD”) is an affidavit that a property owner can file pertaining to a property. Similar to the survivorship deed, the affidavit permits the direct transfer of the real property to any designated beneficiary or beneficiaries upon the death of the owner.
If you need an example of the transfer on death designation, the Franklin County library has a version that you can use.
Automobiles
Transferring a car in probate can be a royal pain. You can make things easy on people by filling out a transfer on death affidavit with the Ohio Bureau of Motor Vehicles.
While it is best to have a named beneficiary, you do not need one if you are the spouse of the decedent. In that case, any titled possession worth $65,000.00 or less can be transferred to the surviving spouse without having to go through Probate Court. This includes any motor vehicle, watercraft, or outboard motors. It does not include a mobile home or recreational vehicle.
If you need assistance with estate planning or understanding your options to avoid probate, contact our office to schedule a consultation.
This blog was drafted by Nicholas P. Weiss, founder of NP Weiss Law, who represents families, individuals, and businesses in northeast Ohio. For more information about Nick, you can visit his bio page.
This article is meant to be utilized as a general guideline. Nothing in this blog is intended to create an attorney-client relationship or to provide legal advice on which you should rely without talking to your own retained attorney first. If you have questions about your particular legal situation, you should contact a legal professional.
