If you landed here looking for a way out of the probate you’re dealing with right now — we hear you. Unfortunately, once a loved one has passed, probate is a process you’ll need to go through (we cover that in full detail)
But here’s something worth your time while you’re in the thick of it: the property you own today could put your own heirs through this exact same headache someday.
The good news?
You can prevent that, and it’s a lot simpler than what you’re dealing with right now.
Here’s how…
5 Methods To Avoid Probate On Your Current Home
- Use Payable on Death Accounts:
Convert your bank and retirement accounts to payable on death (POD) accounts. By naming a beneficiary, the funds directly transfer to them upon your death without the need for probate.
- Joint Ownership:
By holding a title with someone else, like a joint tenancy, the property automatically passes to the surviving owner, avoiding probate.
- Gifting Assets:
One can gift their assets while alive, removing them from the probate process. While this method might be suitable for smaller assets, gifting significant properties like houses means you relinquish control.
- Small Estate Shortcuts:
If the total estate value is under $50,000, some states provide options like the small estate affidavit to expedite the process. Another shortcut is the Summary Administration, suitable for estates under $200,000 or other specific conditions. But again, understand the state laws regarding this. We are not probate attorneys.
- Establish a Revocable Living Trust:
A popular and comprehensive way to avoid probate. Properties within this trust aren’t considered part of your probate estate after your death, facilitating smoother transitions to beneficiaries.
Should You Consult a Professional?
Absolutely.
Especially if you have minor children or beneficiaries with unique needs, navigating the probate process or trying to avoid it can become complex.
Engaging with an experienced attorney can ensure you take the best path forward, keeping in mind the interest of all involved parties.
How to go through probate without paying for it
The simple answer to this is selling it.
As we say in this article
Probate (even with a will) cannot be avoided once the owner is deceased.
And it’s costly.
And you might WANT to sell the property you’re dealing with, for one simple reason: To pay off the debts and costs
If there’s equity, it can be a really clean and efficient way to pay off anything that the deceased owner and/or property owed.
Selling Your Inherited Property at No Cost
For heirs faced with the complexities of probate, especially when funds are tight, the associated property can appear as both an asset and a challenge. However, with a streamlined solution in place, this process can be made efficient and stress-free. Here at FriendlyOffer, we can provide a hassle free way of selling your inherited house to cover the costs of probate!
Benefits to selling with us
- Immediate Referral to a Probate Attorney:
Once the decision to sell is made, the trusted homebuyer refers heirs to a proficient probate attorney. This attorney specializes in handling probate cases and is well-versed with the intricacies involved.
- No Out-of-Pocket Expenses:
The unique aspect of this collaboration is that the heir doesn’t have to pay any upfront costs for the probate process. The attorney handles everything without demanding immediate payment.
- Property Sale Facilitation:
Instead of listing the property and waiting indefinitely for a potential buyer, the trusted homebuyer streamlines the sale, offering a timely and fair transaction.
- Settlement from Sales Proceeds:
Once the sale is completed, the proceeds from the transaction are used to cover the probate costs, attorney fees, and any other associated expenses. This ensures that the heir is never out of pocket.
- Peace of Mind:
By choosing this route, heirs bypass the usual stressors of the real estate market, from home showings to buyer negotiations. Additionally, they have the assurance that all legal processes are expertly managed.
