Property that Avoids Probate

A partial list of the property that does not have to go through probate includes:

• Property in a trust
• Property that’s jointly held (but not community property)
• Death benefits from insurance policies, the government, and employers and other benefits controlled by contract
• Property given away by gift before you die
• Money in a pay-on-death account
• Retirement accounts with a named beneficiary
• Transfer-on-death beneficiary deeds
• Deeds with reserved life estates

Ten Factors that Reduce the Cost of Probate

The more of these questions answered yes, the less probate should cost.

1. Has the estate been planned as indicated in this book?
   
2. Is the will up to date, properly prepared (see sample will) with bequests made in a clear, simple, predictable manner, and self-proving?
   
3. Have you prepared an inventory of all your assets for your executor?
   
4. Is the fair market value of all the probate assets below $1 million?
   
5. Is there only one beneficiary of the will?
   
6. If there is a surviving spouse, are all the children also the children of the surviving spouse?
   
7. If your state has simplified (small-estate or unsupervised) probate procedures, does the fair market value of the estate fall below the ceiling for those procedures?
   
8. Is the probate estate free of real estate in another state, or a family business?
   
9. Was the estate plan discussed with the family and other beneficiaries before death?
   
10. Can the estate debts and taxes be resolved without delay or controversy?