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Transcription:

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You can transfer assets to a trust and avoid probate. The question is whether that’s a good idea or not. There are other ways to transfer assets, typically a beneficiary deed or a trust. Let’s talk about beneficiary deed. Beneficiary deed is you write a deed today and it says, I give my property to my daughter, Susan.

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That deed is then recorded, but it’s not effective until you pass away. So the day you pass away, basically she owns. The other way to do it is to put her on a deed today. The problem with that is she’s on the deed today, and if she gets some kind of liability, that property could be subject to that liability.

00:00:41 – 00:01:06

And she also has the right to ask for what’s called partition and just force you to sell the property. So the beneficiary deed works better. If you’re at all concerned about what she’s going to do with the property after you pass, then you ought to be thinking about a trust. Now, a trust would then let you say, okay, she has to sell it or she doesn’t have to sell it or she has to sell it and share the proceeds with her brother.

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or her children. So if you want to discuss ways to avoid probate, give me a call. We’ll talk it through and see what’s right for you.