Bolinger Law Firm, LLC – St. Louis Non Probate Transfer Attorney

One of the simplest ways to avoid the probate process is to utilize non probate transfers via beneficiary designations and different forms of property ownership. At Bolinger Law Firm, LLC, we create and execute plans to transfer property without the property passing through the probate process. Since the probate process takes considerable time and money to properly administer, it is important to effectively transfer property outside of the probate process if possible. An estate planning attorney with the Bolinger Law Firm, LLC will advise and help you ensure your property has effective beneficiary designations and is held in the correct forms of property ownership to avoid the probate process. Call us today at (636) 386-8322 to speak with an estate planning attorney or schedule an appointment.

Types of Non Probate Transfers:

– Beneficiary Deed – A beneficiary deed is a deed that conveys title of a parcel of real estate from the Grantor to a beneficiary or beneficiaries upon the death of the Grantor. An advantage of utilizing a beneficiary deed is that an individual’s home is often times their largest asset and by having the property transfer outside of the probate process, it is a quick and cost-effective way to pass property onto your loved ones.

– Beneficiary Designations – Bank accounts, brokerage accounts, car titles, retirement accounts, life insurance policies and numerous other accounts allow the ownership of the account to transfer upon the death of the Principal by simply designating a beneficiary for the account.

– Joint Forms of Property Ownership – There are numerous forms of joint ownership of property so it is important to make sure that property is held in a form of common ownership that transfers the property on the death of one party to the other. This provides an easy method to transfer ownership of your property at your death while avoiding the probate process.

Frequently Asked Questions

Why should I institute non probate planning techniques during my lifetime?

It is important to institute non probate transfer techniques during your life because the time and expense incurred if you fail to properly plan can be drastically higher than if you properly plan. Since non probate transfer techniques avoid the probate process, your probate estate will be smaller, therefore resulting in lower costs and expenses in the long run.

What if I have a defective beneficiary designation?

If there is a defective beneficiary designation, the designation will fail and the property will end up in your probate estate. Since the probate process is time consuming and expensive, it is important to have correct beneficiary designations so that you can avoid those later costs.

What if the person named as beneficiary is not living at my death?

If there a multiple beneficiaries named on the beneficiary designation, then the property is transferred to the remaining beneficiaries. For example, if A, B, and C are designated as the beneficiaries of an asset, but A dies prior to your death, then B and C receive the asset. However, if there is only one beneficiary designated, then the property will pass into your probate estate. Thus, it is important to adjust your beneficiary designations in the event of a beneficiary’s death to ensure that the property does not pass to your probate estate.