There are a number of planning strategies that can be used to bypass or minimize probate. Below is a common strategy to make your estate as efficient as possible.
Any assets left to someone in trust automatically bypass probate. There are a variety of trusts that are all used for different reasons. Trusts can be more complex than the options listed above, but they can be a very effective planning strategy that allows you to assign a trustee to manage the money. However, it’s important to note that setting up a trust can be expensive. If avoiding probate is the sole reason for the trust, then it may be prudent to add up the costs of each to see which makes more sense.