When we picture the legacy we hope to leave behind, most of us want to trust that our loved ones will enjoy a stable and secure future. Creating an estate plan allows you to provide clear instructions to ensure that your assets are distributed among your designated beneficiaries according to your wishes. However, even if a will is in place at the time of your passing, your estate may be subject to probate. Probate is the legal process that governs the distribution of your assets and properties when you pass away. Some individuals hope to minimize the need for probate in order to speed up the process of transferring assets to the designated beneficiaries. While the best legal tool may be to create a trust, some people living in Oregon and Washington think that they may avoid probate or limit the number of assets that will be subject to probate upon their passing through Joint Tenancy with the Right of Survivorship (JTWROS). As you articulate your vision for the future, it’s worth enlisting the guidance of a highly qualified and experienced Portland estate planning and probate attorney who can help you identify the tools and strategies that will best support your goals. Let’s take a closer look at some strategies for minimizing probate obligations in Oregon and Washington so you can feel confident that your loved ones and legacy will remain as protected as possible.
Probate in Oregon
Though trust creation is a simple way to avoid probate, some people still want to know other ways for their estate to possibly avoid probate when they pass away. The probate process may sound lengthy and cumbersome, as it involves a series of specific steps that must be completed before the estate’s assets can be distributed to the beneficiaries. Generally speaking, the estate’s personal representative will oversee the probate process and complete the required actions (such as notifying creditors about the individual’s passing, paying any outstanding debts owed by the estate, honoring tax obligations, itemizing the estate’s assets and having them assessed for value, and completing and filing all paperwork). However, it’s important to recognize that probate is not always necessary. You can work with your estate planning attorney to identify tools and strategies that may exempt some of your assets from probate. Even still, some things may still bypass probate like assigning Payable on Death (POD) or Transfer on Death (TOD) designations to various accounts, or setting up joint ownership with right of survivorship for any real estate properties.
Joint Ownership with Right of Survivorship and Probate
When it comes to real estate, you can create what’s known as joint ownership with right of survivorship with someone who holds an equal share of the property. Once this designation is complete, the death of one owner will trigger the automatic transfer of their share to the surviving owner. The transfer typically occurs without the need for probate, so many individuals find that establishing joint ownership can be a useful strategy for avoiding probate. Moreover, joint ownership with right of survivorship is not limited to spouses; this designation can be applied to parents and children, siblings, or other trusted individuals. Other assets, including real estate property, vehicles, and bank accounts, may be eligible to be held in joint tenancy as well. If you are interested in learning more about the potential advantages of establishing joint ownership, reach out to an experienced Portland estate planning lawyer to discuss your goals.
More About Jointly Owned Property and Probate
Some assets can avoid probate through a Payable on Death (POD) or Transfer on Death (TOD) designation. For example, you can set up a POD designation for a checking account, savings account, certificate of deposit (CD), or life insurance policy pursuant to custodial bank rules to verify that these accounts can be transferred directly to the beneficiary of your choosing upon your passing. Brokerage accounts, stocks, bonds, and other securities may be deemed TOD accounts, which means that the beneficiary you name when you assign the TOD designation will take ownership of these assets when you pass away. It’s helpful to understand that a POD or TOD beneficiary can be an individual, an organization, or a trust. Additionally, the beneficiary will not be able to access the account until you pass away and the asset is transferred into their hands. As you begin to explore your options for minimizing the need for probate, it may be useful to enlist the support of a knowledgeable estate planning and probate attorney who can provide you with the customized legal guidance you need to make informed decisions with greater confidence.
Learn More About Probate Avoidance Strategies Today
There are many reasons why you may be interested in exploring probate avoidance strategies in Oregon or Washington. Probate can be somewhat costly and time-consuming, and you may be hesitant to burden your loved ones with this legal process while they cope with the grief of losing you. Also, since probate is a matter of public record, you may want to protect the privacy of your loved ones during this challenging and vulnerable time. Regardless of your reasons for wanting to avoid probate, it’s important to understand that there are several tools and strategies available to help you achieve your estate planning goals.
The dedicated and trusted legal team at Myatt & Bell, P.C., is committed to working with each individual client to identify their unique needs and goals. Together, the firm can create a personalized estate plan that keeps your loved ones safe and secure, no matter what the future may hold. We believe in taking the time to establish a strategic and comprehensive plan that supports your family’s legacy and strengthens familial bonds during challenging times. If you’re ready to start laying the foundation for a brighter future, we invite you to call our office today to get started.
Learn more about how establishing a customized estate plan can help you and your loved ones enjoy a stable and secure future. Give Myatt & Bell, P.C., a call today at our Portland, Oregon office at (503) 641-6262 or our Vancouver, Washington office at (360) 360-0212 to discuss your goals with a dedicated and highly qualified estate planning and probate attorney.
The content on this blog is for general informational purposes only and does not constitute legal advice. The author of this blog is not an attorney, and the views expressed are solely those of the author. Always seek the advice of a qualified attorney for legal guidance regarding your unique situation.
