Because probate can be a lengthy and costly process, many people choose to avoid it. The average cost to settle an estate in probate can range from 2-4% of the gross value of the remaining assets.  While the average time it takes to complete is at least 12-18 months.

There are several legal strategies that will allow you to pass property to another person after death, without going through probate:

• Joint Tenancy & Tenancy by the Entirety: Adding another person as a joint owner or “joint tenant with rights of survivorship” will allow your property to pass to them upon your death without going through probate.
• Beneficiary Designations: Massachusetts allows Transfer on Death (TOD) or Pay on Death (POD) beneficiary designations to be added to bank accounts. Beneficiary designations like these are preferable to joint tenancy in that they allow you to transfer property only upon your death without giving away current ownership.

Let us help with your estate settlement concerns or issues. To learn more, schedule a call with us today.