How can I protect assets from probate?

In Washington, there are several ways to protect your assets from probate. The most effective way is to create a living trust. A living trust is an estate-planning tool that allows you to transfer your assets into a trust while you are still alive. This way, the assets will not be subject to probate when you pass away. You can also create a payable-on-death (POD) account or transfer-on-death (TOD) account. These accounts allow you to designate a beneficiary who will receive the money in the account when you die. This money will not be subject to probate as it will be transferred directly to your beneficiary. You can also transfer ownership of assets, such as real estate and vehicles, to a joint tenancy with rights of survivorship. This will allow the assets to pass directly to the joint tenant when you pass away, instead of going through probate. Finally, you can also give away your assets before you die. This is known as gifting and can be done as long as you are still alive. You can gift specific assets or you can make an annual gift of up to $15,000 to an individual without it being subject to gift tax. By using these strategies, you can protect your assets from probate and ensure they are distributed according to your wishes. It is important to consult with an experienced estate planning attorney to make sure your plan is properly implemented.

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How can I protect assets from probate?

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