How to Avoid Probate in New Bedford

Probate is a legal process where a deceased person’s estate assets and property are divided. While it is a necessary step in many cases, some strategies can help you minimize the process. An experienced probate attorney can advise you about how to avoid probate in New Bedford.

Common Strategies to Avoid Probate

Someone may want to avoid probate for many reasons. The process is complex, time-consuming, and expensive, especially when larger estates are involved. The probate process can delay heirs and beneficiaries from accessing assets. However, there are strategies a New Bedford lawyer can employ to help those who want to avoid the probate process. Some common strategies include:

• Establishing a living trust: A living trust is a legal arrangement in which someone transfers ownership of their assets to a trustee. Upon their death, the trustee manages the assets according to the trust’s terms without involving the probate court.
• Joint ownership with right of survivorship: Property owned jointly with another person, such as a spouse, passes directly to the surviving owner upon death, bypassing the probate process entirely.
• Payable on Death or Transfer on Death Accounts: These accounts allow someone to designate a beneficiary who will receive the funds or property upon their death, avoiding probate for those assets. This can apply to bank accounts, retirement accounts, and other similar assets.
• Life insurance: Proceeds from life insurance policies generally pass directly to named beneficiaries outside of probate.
• Retirement accounts: Many retirement accounts, such as IRAs and 401(k)s, allow individuals to name beneficiaries who will receive the funds upon their death, bypassing the probate process.

To learn more about methods for avoiding probate, schedule a strategy meeting with one of our lawyers.

Other Considerations

While there are many methods to help someone avoid probate, these strategies may not always work depending on the specific situation. The state has specific laws governing estate planning and probate. Consulting with an attorney can help ensure compliance. There are also tax implications to consider when employing certain estate planning strategies like a trust. Smaller estates may also qualify for a simplified probate process, depending on the specific assets involved, which can reduce the need for extensive probate proceedings.

One of our experienced lawyers in New Bedford could determine the best approach based on the specific circumstances and goals and create a comprehensive plan. We provide crucial guidance to clients on how to avoid probate or minimize the proceedings when necessary.

Ask a New Bedford Probate Lawyer About How to Avoid Probate

Estate administration and probate are complicated legal processes. If you have questions, consult an estate planning attorney. A lawyer can answer questions or concerns that you may have regarding the distribution of assets or debts left by a person who has passed away. If your goal is to minimize probate proceedings, our attorneys can advise you on how to avoid probate in New Bedford.

Contact our office to discuss the probate process and how we can assist the administrator of your loved one’s estate in ensuring compliance with all the probate steps and efficiently winding up their estate.