8 Ways to Avoid Probate

by RANDOLPH MARY

• ISBN13: 9781413308570
• ISBN10: 1413308570
• Edition: 7th
• Format: Paperback
• Copyright: 2008-04-15
• Publisher: Nolo

Summary

Eight simple money- and time-saving strategies to avoid probate.

Author Biography

Mary Randolph is also the author of The Executor's Guide, Every Dog's Legal Guide and Deeds for California Real Estate. She has been a guest on The Today Show and has been interviewed by many publications, including the Wall Street Journal, the Los Angeles Times, the San Francisco Chronicle, and more. She lives in the San Francisco Bay Area with her family.

Table of Contents

Introduction: Thinking About Probate Avoidance
Is It Worth Your While to Avoid Probate?	p. 2
What Probate Avoidance Can't Change	p. 7
Comparing Probate-Avoidance Methods	p. 11
A Lick of Common Sense	p. 13
Set Up Payable-on-Death Accounts
The Paperwork	p. 17
Adding a P.O.D. Designation to a Joint Account	p. 19
Choosing Beneficiaries	p. 21
If a Beneficiary Dies Before You Do	p. 30
If You Change Your Mind	p. 31
Claiming the Money	p. 34
Name a Beneficiary for Your Retirement Accounts
Choosing a Beneficiary	p. 37
Required Distributions From Retirement Accounts	p. 50
Name a Beneficiary for Stocks and Bonds
Transfer-on-Death Registration	p. 56
Registration of Government Bonds and Notes	p. 66
Name a Beneficiary for Your Vehicles
Transfer-on-Death Registration	p. 70
Joint Ownership With the Right of Survivorship	p. 73
Special Transfer Procedures for Vehicles	p. 75
Name a Beneficiary for Your Real Estate
Can You Use a T.O.D. Deed?	p. 82
How It Works: An Overview	p. 83
Possible Drawbacks of T.O.D. Deeds	p. 85
How to Prepare, Sign, and Record the Deed	p. 86
Three Ways to Cancel the Deed-And One Way Not To	p. 90
How the New Owner Claims the Property	p. 92
Hold Property in Joint Ownership
Kinds of Joint Ownership That Avoid Probate	p. 94
Joint Tenancy	p. 96
Tenancy by the Entirety	p. 106
Community Property	p. 109
Alternatives to Joint Ownership	p. 119
Create a Living Trust
How a Living Trust Avoids Probate	p. 124
Other Advantages of a Living Trust	p. 128
Why You Still Need a Will	p. 132
Do You Really Need a Living Trust?	p. 133
Creating a Valid Living Trust	p. 135
What Property to Put in a Trust	p. 143
Taxes and Recordkeeping	p. 150
Amending or Revoking a Living Trust Document	p. 151
Take Advantage of Special Procedures for Small Estates
Why Even Large Estates May Qualify	p. 155
Claiming Wages With an Affidavit	p. 159
Claiming Other Property With Affidavits	p. 160
Simplified Court Procedures	p. 165
Make Gifts
The Federal Gift Tax	p. 171
Making Tax-Free Gifts	p. 173
Gifts That Could Land You in Tax Trouble	p. 178
What to Give	p. 180
Gifts to Children	p. 182
Thinking Before You Give	p. 185
Putting It All Together
Alice and Frank: A Simple Life	p. 188
Maria: Dealing With Widowhood	p. 191
Mike: Midlife Concerns	p. 194
Jim and Terry: An Unmarried Couple	p. 196
Esther and Mark: New Love, Old Money	p. 199
Linda and Tomas: Comfortable	p. 202
Glossary
State Information
Index
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