8 Ways to Avoid Probate

by Mary Randolph

• ISBN13: 9780873375283
• ISBN10: 0873375289
• Edition: 2nd
• Format: Paperback
• Copyright: 1999-09-01
• Publisher: Nolo.Com

Summary

Probate court proceedings can drag on for years, and the costs--lawyer's fees, appraisal fees, court fees--can easily eat up thousands of dollars that would otherwise go to your family. Luckily, there are simple and effective ways to completely avoid it. Some are so simple that they can be taken care of in the time it takes to open a bank account--and most of them won't cost you a penny. Book jacket.

Table of Contents

INTRODUCTION: THINKING ABOUT PROBATE AVOIDANCE
Why It's Worth Your While to Avoid Probate	2	(4)
What Probate Avoidance Can't Change	6	(4)
Comparing Probate-Avoidance Methods	10	(3)
A Lick of Common Sense	13
Set up Payable-on-Death Accounts
The Paperwork	3	(2)
Adding A P.O.D. Designation to a Joint Account	5	(2)
Choosing Beneficiaries	7	(9)
If a Beneficiary Dies Before You do	16	(1)
If You Change Your Mind	17	(3)
Claiming the Money	20
Name a Beneficiary for Your Retirement Accounts
Choosing a Beneficiary	3	(9)
Mandatory Withdrawals from Retirement Accounts	12
Name a Beneficiary for Stocks and Bonds
Transfer-on-Death Registration	2	(10)
Registration of Government Bonds and Notes	12
Name a Beneficiary for Your Vehicles
Transfer-on-Death Registration	2	(3)
Joint Ownership with the Right of Survivorship	5	(2)
Special Transfer Procedures for Vehicles	7
Hold Property in Joint Ownership
Kinds of Joint Ownership that Avoid Probate	2	(2)
Joint Tenancy	4	(10)
Tenancy by the Entirety	14	(3)
Community Property	17	(7)
Alternatives to Joint Ownership	24
Create a Living Trust
How a Living Trust Avoids Probate	4	(4)
Other Advantages of a Living Trust	8	(4)
Why You Still Need a Will	12	(1)
Do You Really Need a Living Trust?	12	(3)
Creating a Valid Living Trust	15	(9)
What Property to Put in a Trust	24	(7)
Taxes and Recordkeeping	31	(1)
Amending or Revoking a Living Trust Document	32
Take Advantage of Special Procedures for Small Estates
Why Even Large Estates May Qualify	3	(3)
Claiming Wages With an Affidavit	6	(2)
Claiming Other Property with Affidavits	8	(10)
Simplified Court Procedures	18
Make Gifts
The Federal Gift Tax	3	(1)
Making Tax-Free Gifts	4	(5)
Gifts that Could Land You in Tax Trouble	9	(3)
What to Give	12	(2)
Gifts to Children	14	(2)
Thinking Before You Give	16
Using the Eight Ways
A Simple Life	2	(3)
Alice
Frank
Dealing with Widowhood	5	(3)
Maria
Midlife Concerns	8	(2)
Mike
An Unmarried Couple	10	(3)
Jim
Terry
New Love, Old Money	13	(3)
Esther
Mark
Comfortable	16
Linda
Tomas
Glossary
Index