Can I Avoid Probate in Pennsylvania?

Probate avoidance is a key priority for many Pennsylvania residents, and for understandable reasons. Probate can be time-consuming, expensive, and stressful for your loved ones – and it makes sense to circumvent this process if at all possible. But how exactly do you achieve this goal? Various strategies may be possible depending on your unique circumstances, and you may want to discuss your family’s situation with an experienced estate planning attorney in Hershey.

Trusts Do Not Go Through Probate

One of the most obvious ways to avoid probate is to establish a trust. The probate process only applies to your personal estate, and you transfer assets out of your personal estate when you move them into a trust. In other words, everything inside your trust at the time of your passing does not go through probate – and these assets will pass to your beneficiaries in a relatively seamless manner.

Trusts may not be appropriate for all families. They are more costly to establish than Wills, and they may not receive the same “step-up in basis” as assets left in Wills. This could present certain capital gains issues for your beneficiaries. In addition, any assets left outside of a trust at the time of your passing will still need to go through probate. This is why it makes sense to regularly update your estate plan if you’re serious about probate avoidance. You might also want to consider a pour-over Will.

Consider Beneficiary Designations

One of the most overlooked options for probate avoidance in Pennsylvania is a beneficiary designation. This type of estate planning tool transfers ownership of a specific asset to your chosen beneficiary when you pass away. This transfer of ownership occurs without any probate requirements, and they are particularly popular for life insurance policies, retirement accounts, and other accounts.

Joint Ownership

You might also want to consider joint ownership, especially if you own real estate. This strategy is one of the simplest, and it involves putting two people on the title of the home. With two owners on the title and deed, the real estate property simply shifts to the surviving owner when the other dies. This is a popular choice for spouses, but it can also allow for the transfer of properties to other family members.

Sometimes, Probate Avoidance Is Impossible

Although these probate strategies can reduce the impact of probate, sometimes it is impossible to avoid this process altogether. You will likely die with a Will, and your Will always needs to go through probate. In addition, your family members could challenge the validity of your Will, making probate much more complex than it needs to be. As a result, it may help to reduce the chances of these legal challenges through more complex, situational strategies based on your unique family situation.

Can an Estate Planning Attorney in Hershey Help Me Avoid Probate?

If you are serious about avoiding probate, you should speak with an experienced estate planning attorney in Hershey. While online research can provide you with plenty of basic information, the most appropriate probate avoidance strategy depends entirely on your unique circumstances. Consider discussing your circumstances in more detail with Audi Law, PLLC, today.