Simple Tips to Avoiding Probate

This article was written by Crystal Henson

There are a number of things you can do right now to avoid the necessity of probate of your estate upon your passing.

Cash & Bank Accounts

Most banks will allow you to make a Transfer on Death (TOD) or Payable on Death (POD) nomination for your account. Normally, the person named through such a transfer only has to show a certified copy of the death certificate to obtain access to such accounts.

Beneficiary Designations

Most life insurance policies, IRA’s and 401k’s give you the ability to name a person to receive proceeds upon your death. You should check the names of all policies or documents that have such a designation to make sure the proceeds are going to the person you want to receive the benefit. This is particularly important when a major life change occurs such as the death of a spouse or divorce.

Property with a Title

Did you know that Transfer on Death (TOD) can be used for almost any property with a title? This means your real property, such as your home and automobiles, can be made transferable upon your death therefore avoiding the expensive and time consuming process of probate. Since this transfer does not occur until you die, non of your property rights or interest are affected by such a designation on titles or deeds.