Dealing with probate can be a long and frustrating process. In our latest post, learn how to avoid probate court in North Carolina !
Avoiding the probate process is a common goal for individuals, especially those looking to sell an inherited property following the passing of a loved one. Through proactive planning, one can circumvent probate, providing their family with much-needed peace of mind during a challenging and emotional time. Learn how AIP house Buyers can show you how to avoid Probate Court in Greensboro.
Why Avoid Probate?
There are numerous compelling reasons why individuals strive to avoid probate in North Carolina . Primarily, the associated fees can quickly accumulate, including attorney fees, appraisal fees, court costs, and executor fees. It is common for executors to forgo their fee to uphold fairness within the family. Moreover, the probate process is frequently lengthy. It necessitates accounting for all assets and heirs, along with issuing proper notifications. Prior to distributing inheritances to beneficiaries, debts must be settled and paid off. Overall, navigating the probate process is an undesirable task that most prefer to sidestep whenever possible.
Using A Trust
A person can set up a trust to ensure their assets will not be subject to the probate process. By setting up a revocable living trust a person can ensure items contained therein will not be subject to the probate process. The trust will need to be set up while the person is of sound mind and able to decide for themselves what will go into the trust. The trust can be thought of like a bucket, all assets the individual wants to place in the trust will then be set aside and managed accordingly.
Joint Ownership
Considering buying a home with another party in North Carolina ? You can opt for a joint ownership agreement with the right of survivorship. This setup guarantees that if one owner passes away, the property seamlessly transfers to the surviving owner without probate hassles. It’s vital to arrange this agreement during the purchase to avoid extra costs that come with adding a co-owner to the deed later on.
Beneficiary Designations
Many times when setting up a bank account or life insurance policy, you will assign a beneficiary. By doing this, these items will not be subject to the probate process. A few states will allow you to create a transfer-on-death certificate for real estate you own, transferring the property after you die. Be sure that you keep your beneficiary designations up to date. Many people fail to make these changes after a divorce or after someone passes. This can lead to your ex getting everything or the asset having to go through the probate process.
Giving Inheritance Away
Before you die, you can consciously “give away” the majority of your assets to family members or other beneficiaries. If you don’t own the asset when you pass away, it won’t have to go through the probate process. Many assets, specifically items worth 11k or less can be given away without any federal tax penalty. You can gift a person this amount once per year and in doing so, you can significantly reduce the value of your assets that go through the probate process. Read more below about how AIP house Buyers can show you how to avoid Probate Court in Greensboro.
Avoiding Probate for Smaller Estates
In certain states, it may be more straightforward to bypass probate when the deceased individual has a small estate. The definition of a small estate can differ depending on the location.
Avoiding the probate process in North Carolina can offer significant advantages for beneficiaries. Given the associated fees, expenses, and emotional strain, navigating probate can be an arduous task. If you are interested in discovering ways to sidestep probate in North Carolina , do not hesitate to contact AIP House Buyers at (336) 707-5223 today!
Looking to learn more? Contact us to see how to avoid probate court in North Carolina !