What other probate avoiding techniques are there in addition to revocable living trusts?
In addition to revocable trusts, you can own assets jointly with somebody else, and if it’s with rights of survivorship, that asset will pass outside of probate to the surviving owner. What you have to be careful of with joint ownership is that the asset would pass through probate in the event of a joint death. Therefore, we recommend transferring assets to trusts instead of solely relying on joint ownership. In addition, assets, such as life insurance or retirement accounts, you’re able to name beneficiaries on those accounts. Those assets pass outside of probate directly to the beneficiaries you’ve named. You have to make sure, however, that those beneficiaries are properly coordinated with your estate plan. Those beneficiaries named on those accounts will trump the terms that you’ve set up in your will or trust.