While it may never feel like the perfect time to think about a future where you are no longer around to spend time with and provide for your loved ones, taking steps to create at least a basic estate plan is crucial to protecting your legacy.
St. Louis Non-Probate Transfer Lawyer
Assisting Missouri Clients With Non-Probate Transfers
In fact, those who go through the estate planning process tend to find the process an empowering one, as they can feel more confident that their loved ones and their estate will be safeguarded when the time comes. As you begin to explore your estate planning options in the St. Louis area, you may encounter the term “probate” and wonder about how you can minimize its impact and preserve your assets through a number of estate planning tools and strategies. Missouri residents can explore their options when it comes to non-probate transfers. Essentially, non-probate transfers allow you to register different types of assets in such a way that gives you continued full ownership of these for your remaining life, transferring them to a designated beneficiary upon your passing without having to go through probate.
Understanding Non-Probate Transfers in Missouri
Many people who are interested in minimizing the need for probate tend to gravitate toward trusts as estate planning tools. While trusts allow the assets placed in the trust to bypass probate, it’s important to understand that Missouri offers other options for the transfer of assets outside of the probate process. By discussing your specific concerns and goals with a highly experienced and trusted St. Louis estate planning attorney, you can receive the customized guidance you need to face the future with greater confidence. Wallach & Associates, P.C., has been serving individuals and families throughout Missouri for many years, empowering them to make informed estate planning decisions that support their long-term goals and legacies.
Common Types of Non-Probate Transfers for St. Louis Residents to Explore
Missouri’s non-probate transfer law provides alternatives to joint ownership as a strategy for transferring assets without the need for probate. While joint ownership may work for some individuals, there can be disadvantages to relying on this method for the smooth transfer of assets upon one’s passing. For instance, joint ownership typically applies only to spouses, which makes it challenging if you want to transfer your assets to a child or family member (i.e., someone other than your spouse). With non-probate transfers, circumventing probate becomes more of an option for a wider variety of individuals and families. Below are just a few of the more common types of assets that can be managed using non-probate transfers.
Payable on Death (POD)
Many bank accounts, including checking accounts, savings accounts, and certificates of deposit, allow you to designate a beneficiary to whom the property can be transferred in the event of your passing (without having to go through probate). A payable-on-death designation is a form of registration that you can complete so that the assets can be easily transferred over to the beneficiary you name upon your death. In some cases, payable-on-death designations can also be used with stock certificates, U.S. government bonds, and other types of financial assets.
Transfer on Death (TOD)
Assets that have a certificate of title, such as cars, trucks, boats, or trailers, can be transferred using a transfer-on-death designation. You will need to obtain a “transferable on death” certificate of title that displays your name as the owner and the TOD as the designated beneficiary of your choosing. When you pass away, the transfer-of-death designation ensures that the certificate of title transfers to the beneficiary and bypasses the probate process altogether.
Beneficiary Deeds
If you have tangible personal property that does not have a certificate of title (i.e., furniture, jewelry, household items, etc.), you can create a beneficiary deed of gift that transfers your ownership interest in the property to the designated beneficiary when you pass away. You could also use a beneficiary deed for real estate, which facilitates the transfer of real estate to the beneficiary of your choosing upon your death.
