What is probate avoidance?

Probate avoidance is the process of making sure an estate avoids the probate court process. By avoiding probate, assets from the estate can be distributed more quickly and with less cost to the estate. In Virginia, the probate process can be avoided a variety of ways. The most common method is for the person who owns the estate, known as the decedent, to create a trust. When a trust is created, it identifies a trustee who will handle the estate upon the death of the decedent. Assets in the trust are distributed according to the wishes of the decedent and avoid the probate court process. Another way to avoid probate is through a joint tenancy or survivorship agreement. In this situation, two or more people own an asset. Upon the death of one joint tenant, the remaining joint tenant or tenants become the legal owners of the asset and avoid the probate process. In Virginia, a last will and testament is also a way to avoid probate court. This type of document outlines the wishes of the decedent and how they would like their assets to be distributed. If the will is legally binding, the probate court will not have to be involved in the distribution of assets among beneficiaries. Probate avoidance can also be accomplished through the use of transfer on death (TOD) and payable on death (POD) accounts. These types of accounts allow assets to be transferred directly to a beneficiary without going through probate court. Overall, probate avoidance helps save time, money, and hassle. It is important to speak with an attorney to determine the best probate avoidance plan for you and your estate.

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What is probate avoidance?

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