8 ways to avoid probate

Title:

Author:

Randolph, Mary, 1958- author.

ISBN:

9781413320145

Personal Author:

Randolph, Mary, 1958- author.

Edition:

Tenth edition.

Publication Information:

Berkeley, California : Nolo, 2014.

Physical Description:

284 pages ; 23 cm

General Note:

Includes index.

Subject Term:

Estate planning -- United States -- Popular works.

Probate law and practice -- United States -- Popular works.

Genre:

Law for laypersons.

Document ID:

SD_ILS:2142485

Holds: Copies:

Available:*

Library	Collection	Collection	Call Number	Copy	Status
Searching... Beale Memorial Library (Kern Co.)	Searching... Unknown	Adult Non-Fiction	346.73052 RAN		Searching... Unknown
Searching... Dinuba Library (Tulare Co.)	Searching... Unknown	Non-Fiction Area	346.7305 RAN	2014	Searching... Unknown
Searching... Lindsay Library (Tulare Co.)	Searching... Unknown	Non-Fiction Area	346.7305 RAN 2014		Searching... Unknown
Searching... Ridgecrest Branch Library (Kern Co.)	Searching... Unknown	Adult Non-Fiction	346.73052 RAN		Searching... Unknown
Searching... Visalia Library (Tulare Co.)	Searching... Unknown	Non-Fiction Area	346.7305 RAN	2014	Searching... Unknown
Searching... Visalia Library (Tulare Co.)	Searching... Unknown	Non-Fiction Area	346.7305 RAN 2014		Searching... Unknown

Some simple planning can spare families the cost and delay of probate court proceedings after a loved one's death. Probate can drag on for years, and can easily cost thousands of dollars -- money that would otherwise have gone to survivors.

8 Ways to Avoid Probate offers simple and effective methods for skipping the probate process so that property goes directly to the intended beneficiaries. In plain English, it explains:

* setting up payable-on-death accounts
* naming beneficiaries, including children, institutions, and multiple beneficiaries
* naming beneficiaries for retirement accounts, vehicles, real estate, and stocks and bonds
* streamlined probate procedures for small estates
* holding property in joint ownership, and alternatives to joint ownership
* using a living trust to avoid probate
* making gifts of property and money

This edition provides updates to estate and gift tax laws, updated 50-state tables on simplified probate, and additional information on how to bequeath real estate without probate -- nearly 20 states now offer a special deed for just this purpose.

Author Notes

Mary Randolph earned her law degree from the University of California at Berkeley. She is the author of many do-it-yourself law books, including Nolo's The Executor's Guide.

I Introduction: Thinking About Probate Avoidance	p. 1
Is It Worth Your While to Avoid Probate?	p. 2
What Probate Avoidance Can't Change	p. 7
Comparing Probate-Avoidance Methods	p. 11
A Lick of Common Sense	p. 13
1 Set Up Payable-On-Death Accounts	p. 15
The Paperwork	p. 17
Adding a POD Designation to a Joint Account	p. 19
Choosing Beneficiaries	p. 21
If a Beneficiary Dies Before You Do	p. 30
If You Change Your Mind	p. 32
Claiming the Money	p. 34
2 Name a Beneficiary for Your Retirement Accounts	p. 37
Choosing a Beneficiary	p. 39
Required Distributions From Retirement Accounts	p. 52
3 Name a Beneficiary for Your Stocks and Bonds	p. 57
Transfer-on-Death Registration	p. 58
Registration of Government Bonds and Notes	p. 67
4 Name a Beneficiary for Your Vehicles	p. 71
Transfer-on-Death Registration	p. 72
Joint Ownership With the Right of Survivorship	p. 75
Special Transfer Procedures for Vehicles	p. 77
5 Name a Beneficiary for Your Real Estate	p. 81
Can You Use a TOD Deed?	p. 82
How It Works: An Overview	p. 83
Possible Drawbacks of TOD Deeds	p. 85
How to Prepare, Sign, and Record the Deed	p. 86
Three Ways to Cancel the Deed-And One Way Not To	p. 90
How the New Owner Claims the Property	p. 92
6 Hold Property In Joint Ownership	p. 95
Kinds of joint Ownership That Avoid Probate	p. 96
Joint Tenancy	p. 98
Tenancy by the Entirety	p. 110
Community Property	p. 112
Alternatives to Joint Ownership	p. 122
7 Create a Living Trust	p. 123
How a Living Trust Avoids Probate	p. 126
Other Advantages of a Living Trust	p. 130
Why You Still Need a Will	p. 133
Do You Really Need a Living Trust?	p. 134
Creating a Valid Living Trust	p. 137
What Property to Put in a Trust	p. 145
Taxes and Record Keeping	p. 152
Amending or Revoking a Living Trust Document	p. 153
8 Take Advantage of Special Procedures for Small Estates	p. 155
Why Even Large Estates May Qualify	p. 157
Claiming Wages With an Affidavit	p. 160
Claiming Other Property With Affidavits	p. 162
Simplified Court Procedures	p. 166
9 Make Gifts	p. 171
The Federal Gift Tax	p. 173
Making Tax-Free Gifts	p. 174
Gifts That Could Land You in Tax Trouble	p. 179
What to Give	p. 181
Gifts to Children	p. 183
Thinking Before You Give	p. 186
10 Putting It All Together	p. 189
Alice and Frank: A Simple Life	p. 190
Maria: Dealing With Widowhood	p. 192
Mike: Midlife Concerns	p. 196
Jim and Terry: An Unmarried Couple	p. 198
Esther and Mark: New Love, Old Money	p. 201
Linda and Tomas: Comfortable	p. 204
Glossary	p. 207
Appendix: State Information	p. 219
Index	p. 273

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