How can I protect assets from probate?

In California, one of the ways to protect assets from probate is to use a revocable living trust. This allows an individual to transfer assets to a trust, which is commonly known as the “grantor”. The grantor will then appoint a successor trustee, typically a spouse or child, who will then manage the trust’s assets in accordance with the grantor’s wishes. This process allows the grantor to bypass probate, as the trust’s assets do not need to be distributed through the probate court. Another option is to utilize a “transfer on death” (TOD) account, which allows individuals to transfer assets directly to a beneficiary upon their death, without going through the probate court. This method can be used for bank accounts, stocks, bonds, and other investments, and can be extremely useful in preventing those assets from being subject to probate. In addition, individuals can also transfer their assets directly to the intended beneficiary without going through the probate court. This can be done through a “gift” of assets, which means transferring ownership of the asset to the intended recipient while the grantor is still alive. This method can be beneficial for those looking to avoid probate, but can also be subject to gift taxes. Finally, a joint tenancy can be established for real estate or other assets. This allows two or more people to own the same asset, and when one owner passes away, the property is automatically transferred to the surviving joint tenant. This method allows for a smooth transfer of ownership without the need to go through probate. Overall, there are many ways to protect assets from probate in California. Utilizing a revocable living trust, transfer on death account, or a gift of assets are all viable options to ensure your assets are transferred according to your wishes. Joint tenancy can also be used to avoid probate for real estate. Speak with a local probate attorney to help you decide which method is best for you.

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How can I protect assets from probate?

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