• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Estate Planning » Are All Asset Transfers Subject to Probate?

Are All Asset Transfers Subject to Probate?

April 22, 2020Estate Planning

probateProbate is a legal process that an estate must pass through under certain circumstances. When a will is used as the asset transfer vehicle, it would be admitted to probate, and the court would supervise the administration process.

The same thing is true with someone passes away without any estate planning documents at all. When this happens, the court would appoint a personal representative to act as the administrator.

It is possible to proactively implement a probate avoidance strategy, and people often do so, because probate comes with some drawbacks. This process will take eight or nine months to a year to run its course at minimum, and often no inheritances are distributed during this interim.

The time lag is one negative, and the process can be rather expensive. There will be court costs, legal fees, the remuneration that is paid to the executor, appraisal expenses, liquidation fees, and miscellaneous expenditures. At the end of the day, this red ink will reduce the amount of the inheritances that will eventually be distributed to the heirs.

Another probate pitfall is the loss of privacy. Interested parties can access probate records to find out how the assets were distributed. This can potentially cause acrimony among people that were close to the decedent in one way or another.

A revocable living trust is a commonly utilized probate avoidance tool. Assets that been conveyed into this type of trust could be distributed by the trustee outside of probate.

There are some other types of asset transfers that would not be subject to the probate process, and we will give you a rundown here.

Transfers to IRA Beneficiaries

Generally speaking, if you have an individual retirement account, the transfer to the beneficiary would take place outside of probate. However, it is important to keep your beneficiary designations up to date so that there are no snags.

Payable on Death Accounts

When you open up an account at a bank or a brokerage, you can make it a payable on death or transfer on death account. You would name a beneficiary, and this individual would not have access to the funds while you are living.

After your death, the beneficiary would present a death certificate to the institution, and they would then assume ownership of assets that remain in the account. It is possible to name multiple beneficiaries, but you may be required to allow for equal distributions to each of them.

Joint Tenancy With Right of Survivorship

If you own real property, you could add a co-owner to the title or deed. This would create the condition of joint tenancy. It comes with right of survivorship, so the person that you add to the ownership document would assume total ownership of the property after your death. This would be a probate-free transfer.

Life Insurance Proceeds

When you have a life insurance policy on your life, the beneficiary or beneficiaries would be paid directly by the company as long as the contractual conditions were met. The court would not be involved in this transfer.

Get Sound Advice

It is not wise to look at these asset transfer methods and patch them together to implement your own estate plan. We have shared some facts, but there are drawbacks and limitations when you use these methods. You would do well to seek professional advice before you make any decisions.

Attend a Free Webinar

While our ordinary lives are disrupted by the coronavirus, our firm has adapted to provide our services in a safe but equally effective manner. We routinely hold workshops to provide information to our neighbors free of charge, and we have not abandoned that policy.

Fortunately, technology enables us to present webinars, and so this is an option that is available to you these days. You can visit our workshop schedule page to see the dates and obtain all the information you need to gain access.

We Are Here to Help!

If you know that you are ready to put an estate plan in place, we can accommodate you during these difficult times. We are offering remote consultations over the phone or through teleconferencing, so we are here whenever you need us.

You can give us a call at 585-374-5210 to schedule a consultation, and you can alternately send us a message through our contact page if you would rather reach out electronically.

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

How Estate Planning For A Family May Trap The Unwary Practitioner 150x150
How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation Of Social Security Benefits 150x150
State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses 150x150
Understanding Tax Apportionment Clauses
estate planning
Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part III
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part I

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.