Probate is the name of the court system used to determine how a person’s assets are dealt with after they pass away. It could be a costly and time-consuming process, which leads many people to actively pursue avoiding it. If you are wondering how to avoid probate in Staten Island, the support of strong legal counsel is important.
Our experienced estate attorneys could help you develop a plan that assists your loved ones with avoiding probate and the challenges that come with it. To give your loved ones the best chance to avoid probate, reach out to our team today to discuss our options.
There are downsides that come with the probate system. First, probate is a lengthy process. In some situations, it could take months or more before the courts ultimately allow heirs to inherit the property that was passed down to them. Avoiding probate could sometimes allow for the instant transfer of assets upon a person’s death.
There is also the financial cost to consider. Drawn-out court proceedings and numerous filings could make legal fees add up quickly, but resolving this process swiftly could greatly reduce these costs.
Probate court is also open to the public. This could dramatically impact your family’s privacy during a difficult time. Anyone could gain access to sensitive information about your debts, assets, and family dynamics.
The good news is that there are ways to avoid probate in Staten Island. When you rely on our team of attorneys, you could improve your chances of developing an estate plan that may allow your loved ones to skip this time-consuming process.
You have a number of options available to you when it comes to avoiding probate in Staten Island. Each of these tools operates in a different way, but the end result is the transfer of assets without the need for relying on the probate system.
One of the most popular tools for avoiding probate is a living trust. When you transfer the ownership of assets to one of these legal entities, you are effectively removing that property from your own estate. When you pass away, ownership transfers from the trust to the beneficiary of your choice. As you were not the legal owner, none of this property goes through probate.
A payable-on-death designation could be used for certain types of accounts. When you designate a beneficiary on your bank account, they immediately inherit that account as soon as you pass away.
Not everyone thinks of life insurance when they think of estate planning, but these policies are an easy way to avoid probate. Similar to payable-on-death accounts, each policy has beneficiary information. At the time of a person’s death, those beneficiaries are awarded the proceeds of the insurance policy directly. The probate court does not handle these payments.
Another possibility is joint ownership with another person. Under the law, assets that are owned by two people do not pass through probate court when one owner dies. Instead, the other party becomes sole owner moving forward.
If you are curious about how to avoid probate in Staten Island, you could learn about your options during a consultation with our firm. Our attorney could provide you with estate planning tools that ensure your loved ones never have to deal with this complicated system after your passing. Reach out today to discuss your estate needs.
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