While many Ohioans are interested in including a trust as part of their estate plan, they are not the only way to avoid the probate process.
What follow are several other estate planning techniques residents of the greater Cincinnati area may want to use to keep all or the bulk of their estates out of the probate courts and away from the public eye.
- If they meet the right legal requirements like having a survivorship clause or payable on death terms, joint real estate, vehicles and bank accounts will pass to the legal survivor to the person who died. Probate of this property is not necessary.
- Many times, businesses, including larger family farms, will be incorporated or part of an LLC. Businesses continue to function even if one of the owners of the business dies. As a word of caution, though, it may take additional steps to make sure that person’s share in the business does not pass through probate.
- Certain types of property including retirement plans and life insurance proceeds are what people may call beneficiary accounts. If the owner properly names their beneficiaries, the beneficiaries will get the proceeds without having to wait for probate.
- Residents of southern Ohio should also remember that a person may use planned gifting or other measures during the lifetime that serve to transfer their property to loved ones. A person should make sure they understand legal and tax implications before they engage in significant planned gifting.
How best to keep an estate out of probate will depend on a person’s situation
If someone wants to avoid probate, there are many ways to do so. Sometimes, it is in their best interest to create a trust. In other situations, different techniques may be better. A person will need to understand their legal options and their personal circumstances to find what is best for them.