Avoiding Probate in Massachusetts

Probate is a necessary legal process for many estates, but for others, it can be avoided entirely. Many people seek to bypass probate to save their families time, reduce costs, and maintain privacy. While not every asset can be kept out of probate, proactive estate planning can significantly simplify the transfer of property and provide a smoother experience for your loved ones. At Percy Law Group, PC, we help clients understand and implement effective strategies to keep their assets out of the Massachusetts probate court.

Some of the most common and effective ways to avoid probate include:

• Living Trusts: A revocable living trust is one of the most powerful tools for avoiding probate. When you create and fund a trust, you transfer legal ownership of your assets (such as real estate, bank accounts, and investments) from your name to the trust’s name. You retain full control of the assets as the trustee during your lifetime. Upon your death, the trust’s assets can be distributed to beneficiaries by a successor trustee without court intervention, saving your family a great deal of time and expense.
• Joint Ownership: Owning property in joint tenancy with the right of survivorship allows the asset to automatically pass to the surviving owner upon the death of the other. This is a common and simple strategy for married couples with a home or joint bank account. It is also an option for other family members or partners.
• Beneficiary Designations: Many financial accounts, such as retirement accounts (401(k), IRA), life insurance policies, and some bank accounts, allow you to name a "payable-on-death" (POD) or "transfer-on-death" (TOD) beneficiary. These assets are considered non-probate assets and pass directly to the named individual, bypassing the probate court entirely.
• Gifting Assets: You can gift assets to loved ones during your lifetime. While there are limits and potential tax implications to consider, gifting can reduce the size of your estate and simplify its administration after you're gone.
• Life Estate Deeds: A less common but effective strategy for real estate is to create a life estate deed, which allows you to live in your home for your lifetime while automatically transferring ownership to a named beneficiary upon your death.

While these strategies can effectively reduce or eliminate the need for probate, they must be implemented correctly and as part of a comprehensive plan. An improperly drafted trust, an incorrectly titled account, or a poorly executed beneficiary designation can lead to the very probate process you were trying to avoid. Our attorneys work with you to create a personalized estate plan that reflects your goals and protects your family's future, ensuring your wishes are carried out with precision and without unnecessary complications. We help you choose the right combination of tools to achieve your goals and provide peace of mind knowing your affairs are in order.