
1. Creating a Will. The traditional route many people take is the writing of a standard will. You can successfully transfer property to your loved ones through your will; however, there are certain formalities that must be met in drafting a will.
- Failure to properly draft your will could render it invalid and result in the property not transferring according to your wishes.
- Your family will need to submit the will for probate through the courts. This will involve fees and, in many cases, court supervision. The will may also be contested.
- For smaller estates, as determined by legal standards, an affidavit may be used to transfer property in lieu of the full probate process.
- It is strongly advised that you have an experienced estate planning attorney draft your will to avoid drafting errors.
2. Creating a Living Trust. Perhaps the best option for successfully transferring property to your loved ones is the creation of a trust.
- Trusts are a great way to avoid the probate process.
- Trusts are a means of transferring property after death without the supervision of courts.
- You can use a transfer on death deed to transfer property to your loved ones.
- Trusts eliminate the extra costs and time associated with the probate process.
- Ask Kali Yost how you can create a trust you can live off of now that springs into action when needed.
There are also other ways you can title your property to transfer it to your loved ones outside of probate court. It is best to discuss these options with an experienced Portland estate planning attorney.
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