Can Probate Be Avoided?

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Presentation Description

A closer look at probate in Ohio and why you would want to avoid it.

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Presentation Transcript

Can Probate:

Can Probate Be Avoided?

Estate Planning and Probate:

Estate Planning and Probate

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Before we examine probate avoidance, let's look at probate itself

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PROBATE can be defined as the legal process of estate administration

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When you use a will to direct the transfer of your personal property, the administration of the estate is supervised by the probate court

Probate Pitfalls:

Probate Pitfalls

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Probate provides certain protections, but there are three primary pitfalls

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For one thing, probate is time-consuming

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Secondly, probate can be expensive

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Lastly, probate is a public proceeding

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Anyone could find out what took place during the process

AVOIDING PROBATE:

AVOIDING PROBATE

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Now, let's get into probate avoidance

It is indeed possible to arrange for asset transfers outside of probate:

It is indeed possible to arrange for asset transfers outside of probate

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There are a number of different ways of accomplishing this objective

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Flawed Solutions

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There are some simple but flawed probate avoidance solutions

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These would include payable on death accounts and joint tenancy

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Assets can be transferred outside of probate using these methods

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However, unintended negative consequences can arise

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Revocable Living Trusts

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A very solid and reliable way to transfer assets outside of probate is through the creation of a REVOCABLE LIVING TRUST Revocable Living Trusts

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After you pass away, the trustee that you choose distributes assets to the beneficiaries

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These distributions are not subject to the probate process

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Revocable living trusts enable fast and efficient asset transfers outside of probate

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Another part of the appeal is the fact that you retain control of the assets that are in the trust while you are living

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You can change the terms or revoke the trust entirely if you choose to do so

Cincinnati Estate Planning Consultation:

Cincinnati Estate Planning Consultation

This presentation should have provided you with some valuable but basic information:

This presentation should have provided you with some valuable but basic information

If you would like to discuss probate avoidance strategies with a licensed attorney contact our firm to schedule a free consultation :

If you would like to discuss probate avoidance strategies with a licensed attorney contact our firm to schedule a free consultation

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(513) 721-1513 Click to visit: ZimmerLawFirm.com

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