FAQ Friday: Probate and non-probate transfers

On Friday, August 18th, Attorneys Steven Berger discusses Probate and Non-Probate Transfers - Why are there two systems?

Our classic system is probate where assets pass by Will or by law if no Will was in place. A drawback is expense and it is time consuming. Creditors rights are defined which is a positive.

Non probate transfers are most often done with property. Much easier to make beneficiary changes. This system is subject to fraud. Another non probate transfer is joint ownership and life estate deeds.

Trusts used to be well outside probate, but now we have the uniform trust code. Trusts can be difficult to ensure marital share.

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