What Other Probate Avoiding Techniques Are There in Addition to Living Trusts?
The following methods are often used to avoid probate (sometimes this is useful, and sometimes it is counterproductive): joint tenancy title, community property title, bank account trusts, pay on death accounts, life insurance proceeds, retirement proceeds (IRA’S, TSA’S, 401K’s, etc.), retirement plans, gifts made during life, revocable grant deeds. Each technique has its own ramifications for tax and other issues. As with everything else, there can be no “one right way” in all situations.
