5 Ways to Avoid Probate in New York: Trusts, Joint Ownership, and More

Probate here in Nassau County can be expensive and time-consuming, so it’s natural to ask how to avoid probate for your assets. New York law does offer several reliable paths forward.

How to Avoid Probate in Nassau County: 5 Ways to Go About It

There are several things you can do to get your assets passed directly instead of moving through the full Surrogate’s Court process. Each method has its own requirements and trade-offs, though, so the right combination depends on the types of property involved and the goals you have for control and privacy. Always talk to a lawyer to get specific advice. 

Revocable Living Trusts

A revocable living trust is a legal arrangement you create while alive. You transfer ownership of assets into the trust and usually name yourself as trustee. This gives you complete control to use the property, sell it, or change the trust terms at any time; but when you pass away, the successor trustee you named steps in and distributes the trust assets according to your instructions. Because the trust is the owner of the assets, not you or your estate, those assets do not enter the probate process.

Pour-Over Will

Many people sign a pour-over will when they set up a trust. This just directs that any assets still in your individual name at your death are to be bequeathed to the trust. This keeps most property out of court while providing a safety net for anything you might have overlooked while setting up the trust. 

Joint Ownership with Rights of Survivorship

This is a popular option for married couples. Setting up your ownership this way allows the surviving owner to receive the full title automatically upon the other owner’s death. This structure works for some bank accounts, brokerage accounts, vehicles, and real estate, too. You just need to make sure these are all set up the right way. 

Beneficiary Designations on Financial Assets

Many accounts and policies let you name a beneficiary directly with the financial institution or insurance company managing the account. Life insurance proceeds, retirement plans such as IRAs and 401(k)s, bank accounts with payable-on-death forms, and brokerage accounts with transfer-on-death registrations all pass straight to the named person or persons upon proof of death. These transfers happen outside probate. The key here, however, is remembering to keep the designations current as life changes.

Transfer on Death Deeds for Real Property

New York law lets property owners record a transfer-on-death deed for real estate. You keep full ownership and control during your lifetime and can revoke or change the deed by recording a new one or by selling the property, but, upon your death, the named beneficiaries receive title without any need to go through probate for that specific parcel of land or house.

Talk to Us to Learn All the Options in Nassau County

These are just five general options. There are more, and what’s best for your estate depends on the specifics. Contact DeCandido & Azachi in Forest Hills, NY today to get strategic advice on your estate planning. We also serve clients in Plano, TX.

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