3 Things To Know When Considering Probate Alternatives
While going through probate is part of the process of administering a will or transferring titles, it can be very time-consuming and expensive. Not only can probate prolong the wait for heirs to receive their assets, but it can also decrease how much they ultimately inherit. As a result, many people look for alternatives to probate in order to speed up the process of transferring titles.
If you are considering transferring your assets in a way that allows you to legally avoid probate, an experienced lawyer can inform you of your options and advise you in your decisions. For over 25 years, The Mead Law Firm, in Tigard, has been handling various matters of trust and estate planning for clients throughout the Portland area. You can rely on our experience in Oregon courts and our knowledge of state laws to handle your case. To prepare you for your decision, we have put together three important points for you to keep in mind when considering probate alternatives.
There are numerous legal alternatives to probate.
One alternative to probate in Oregon is if you have property or assets under a joint ownership. This allows the surviving owner to continue holding onto the title even though one of you has passed away. Another alternative is creating a revocable living trust, which allows you to name a trustee while preserving your right to benefit from their ownership. Finally, certain financial assets, such as bank and retirement accounts, allow you to name a beneficiary who will be allowed to immediately inherit these assets upon your death. The Mead Law Firm can tell you more about each alternative.
You can give your assets away as gifts.
With many possible legal procedures to consider, gift-giving is easily overlooked as an alternative to probate. When you simply give your property or assets away as a gift while you are still alive, the recipient automatically receives ownership rights. As easy as this may seem, however, gift-giving does require strategy. We at The Mead Law Firm can help you determine if a certain asset is more valuably transferred in the form of a gift or through another method.
Alternatives to probate may still take time.
While you may have selected a valid alternative to probate, there are still many factors that could slow the process down. Transferring a title of ownership can involve many parties, such as banks, government agencies and title issuers, who all need to review the title transfer request before recognizing it.
Get Help From An Experienced Estate Planning Attorney
Schedule a consultation with The Mead Law Firm to ask questions pertaining to your unique circumstances in a confidential setting. To secure an appointment with attorney George Mead, you can either fill out our contact form or call us at 503-214-2712 or toll free at 888-328-1440.