Customer Reviews

8 Ways to Avoid Probate, 2nd Ed. (Quick & Legal Series)

5 star:		(19)
4 star:		(8)
3 star:		(0)
2 star:		(1)
1 star:		(0)

 

 

I have perused several books on this topic and found this one to be much more informative about how Texas laws are very unique in regards to avoiding probate. In fact, most other books don't even mention this. It seems that for every one of these avoidance techmiques, the TX laws are very different in very specific ways and if you don't have everything done according to the letter of the TX law, you could end up with big problems. For example, only in the state of TX do you have to sign a separate written agreement with just the right language and other specifics in order for right of survivorship to actually work in avoiding probate. Not many people are aware of this and even most of the bankiing institutions are unaware. Even the big banking institutions will tell you that their methods are valid and correct when, in fact, they are not. Several cases have gone to the TX Supreme Court because of this. Don't let it happen to you. It is a huge problem. This book educates you on every issue and how it has to be handled differently in different states.

I just recently used this book as part of my study to gain continuing professional education credits for my CPA license. I found it to be an excellent source for anyone who is currently planning his or her family's financial future. It's easy to understand, direct, and written with common-sense language. I will be recommending this book to my clients.

I rate this book very highly. It was very informative and easy to follow. Each section covered the topics to the fullest. This book is very easy to understand and I would recommend it to anyone looking for answers on how to avoid probate and how to go about making a living trust. There are many books on the market about this subject, but I feel this book covers it all.

Get the book, read it twice and avoid the time, expense and aggravation of a probate. Having gone through a probate, I can tell you that this is something you want to avoid.

Mary Randolph does an excellent jobs of giving you simple techniques that let you bypass most or all of the probate process.

Again, the book is worth the money.

This is a very specialized book about avoiding probate, not a general book on writing a will or estate planning. Given that caveat, Mary Randolph does a great job. I've been through probate in California and wish I hadn't. Luckily, I was assisted by another great Nolo Press book, How to Probate an Estate in California. Not only was the process expensive but it was very time consuming. This book may help you avoid it altogether, or at least for much of your estate.

Most of the strategies offered are relatively simple. With regard to real estate, for example: Transfer property to a living trust. Hold property in joint tenancy. Hold as community property. Prepare a transfer-on-death deed. Not only does Ms. Randolph tell you how to do it, change it, and consider your alternatives, she also writes about what to watch out for. For example, at TOD deed may temporarily interfere with your eligibility to receive Medicaid benefits and the state may seek reimbursement from a recipient's assets.

To get you thinking, here are the 8 strategies: Payable-on-Death Accounts, Name Beneficiary for Retirement Account, for your vehicles, your real estate, hold property in joint ownership, create a living trust, take advantage of special procedures for small estates, and make gifts. Sure, you know how to make a gift but did you know, for example, if you deed your house over to your son but retain the right to receive rent, the transaction is not a legal gift?

Randolph puts it all together, provides several helpful case studies and includes a glossary as well as a very important appendix comparing the states.

I got this book to get a general idea of alternatives to creating a living trust. What I found was a wealth of ideas, each presented with pros and cons to help the reader make an educated decision. The author explains things in terms most anyone can understand, and she has organized the book logically and smartly. I especially like the fact that she includes information specific to each state's laws and regulations, which is really what the average person would need to know. I highly recommend this book, not just for people approaching retirement age, but even for younger people who want to plan with an eye toward the future. Great job.

I have never been able to wrap my mind around the idea of wills and probate and everything else involved... It's been grouped in my mind with funerals and other horrors... BUT this book is so very easy to understand. It gives reasonable alternatives to expensive lawyer and financial planner visits, in a sensible no nonsense way. For the first time, I really understand at least part of the process, and was able to make some decisions based on practical points. It is good to note that specifics related to various states are covered, so that you can take steps that work wherever you live. My eyes didn't glaze over, and I have had many "EUREKA!" moments while reading this book. Definitely worth investing in a copy for your personal reference library.

This is a no-nonsense "starter" that covers 8 ways to avoid probate. They include such things as payable-on-death accounts, naming beneficiaries, joint property ownership, living trusts, gifts, and special procedures for small estates.

It is well written (not boring legalese) and to the point. Examples and tips supplement the core material, helping to clarify difficult concepts. The index contains summary tables for each state so you can find out where your estate stands on certain probate laws.

This book will set your feet on the right path and is a very good investment considering the possible return.

This is a good book to get if you want to relieve your heirs of the cost and time burden associated with your state's involvement in your estate after your death.

The author mentions that this text really includes nine ways to avoid probate; not eight was as specified in the title. Although she discusses numerous ways you can plan your estate to avoid probate she does not specify which of the many ways are included in her count of nine. Here is a list of ten and I felt there were more ways than that or perhaps they were just nuances on this list.

- Payable on Death Designation (assign a beneficiary designation on accounts, CDs, life insurance, etc.)
- Transfer-on-Death Registration (stocks, bonds, vehicles)
- Non-Probate Transfer Procedures (available in certain states for vehicles)
- Joint Ownership with Right of Survivorship
- Special Transfer Procedures for Vehicles (some states have special non-probate procedures for this) - perhaps not one of the 9 ways
- Transfer-on-Death Deed (real estate)
- Joint Tenancy
- Tenancy by Entirety
- Community Property (in some states this designation will avoid probate)
- Living Trusts
etc......

In summary, the author does an adequate job of explaining many different options and includes hypothetical examples of couples who use different techniques to avoid probate. She also gives a brief summary of the state rules for all the states which you should always verify. It is adviseable to research the rules further in the citations provided if your estate is complex. In addition, a glossary of legal terms is provided at the end.

This is a good book but I would have liked a closing summary that listed the nine ways to avoid probate with a reference to what types of property they applied to (sort of like my example above).

I personally know of a case in which a gentleman died before changing the beneficiary of his life insurance policy. His only child who was in college ended up with nothing. The gentleman died an untimely death. It was a sad situation and I think a lesson to us all as this book emphasizes that one should name beneficiaries and keep them updated! This book points out that your estate does not have to go through probate. The author lays out exactly what one must do to be prepared. If you are wondering where to start preparing for the inevitable then buying this book can be your first step.