“Is it possible for me to leave real estate to a family member while avoiding probate?” This video addresses different ways to transfer real property and some of the considerations that go with them.
Some of the ways that may be appropriate include holding the property in a trust, setting up a land trust, or preparing a transfer on death instrument. Each of these has certain costs and benefits.
There also are considerations with holding property in an LLC or in joint tenancy. For example, the interests in the LLC may themselves be subject to probate if they are of sufficient value and not otherwise planned for. Also, joint tenancy is limited to transferring the real estate among the joint tenants, not other heirs, and may create potential asset protection issues.
While no one strategy is optimal to every situation and there’s no sure guarantee for avoiding probate, there are a number of useful strategies to choose from. Estate planning can ensure the best strategy for your particular situation is the one that is implemented.