How To Avoid Probate

What is Probate?

Probate is the legal process of validating a will and administering the estate of a deceased person. It involves
proving that the will is valid, identifying and inventorying the deceased person’s property, paying debts and
taxes, and distributing the remaining assets to the beneficiaries.

Ways to Avoid Probate

Lifetime Gifts

One way to avoid probate is to make lifetime gifts of your assets to your intended beneficiaries. By gifting
assets during your lifetime, you can reduce the sise of your estate that will be subject to probate.

Living Trusts

Establishing a living trust allows you to transfer your assets into the trust during your lifetime. Upon your
death, the assets held in the trust can be distributed to your beneficiaries without going through probate.

Joint Ownership

Another common way to avoid probate is by holding assets jointly with rights of survivorship. When one joint
owner passes away, the ownership of the asset automatically transfers to the surviving joint owner.

Frequently Asked Questions

Can I Avoid Probate Without a Will?

While having a will can simplify the probate process, there are ways to avoid probate even without a will. Consult
with a legal professional to explore alternative estate planning options.

Are There Any Disadvantages to Avoiding Probate?

Avoiding probate may have its benefits, but it is essential to consider the potential drawbacks such as increased
costs associated with setting up trusts or joint ownership, and the loss of certain creditor protection.

Is Probate Always Necessary in Australia?

Not all estates in Australia require probate. The need for probate depends on the value and type of assets owned by
the deceased person. Consulting with a probate lawyer can help you determine if probate is necessary in your
situation.

Contact Wright Street Lawyers for Probate Assistance

If you need guidance on how to avoid probate or assistance with estate planning, the experienced team at Wright
Street Lawyers in Adelaide, South Australia, can help. Contact us today for client-focused legal advice tailored to your
specific needs.

Contact us at 123-456-7890 or email info@wrightstreetlawyers.com to schedule a consultation.