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Q

What is the easiest way to give property to someone else after you die?

A

The easiest way is to make arrangements before you pass.  The best thing you can do is to go to your banks and have your accounts made POD – payable on death.  You will then name a beneficiary and the funds will pass outside of probate.

Regarding Life Insurance, IRA’s pensions etc: same scenario, make arrangements with the institution  so there is a beneficiary named on the account.

Next, for your real property, you should do a life estate deed.  This will give you the property for your life, and upon your death the property will go to your named beneficiaries.  I definitely recommend an attorney such as our firm to draft the deed in a specific way so that that this occurs.

Lastly, you should do a will, which spell out who you want to receive your assets, plus who you want to be the personal representative.  If you do everything right, and have all the assets pass to avoid probate, then you will not need to use the will, and not probate the estate.  It is good to do the will though, just in case there are assets out there that need to be probated.

As you can tell our firm offers all of these services, but I wanted to give you a good detail of what needs to be done.

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