Boise Probate Attorneys - Idaho Estate Planning Lawyers - Non Probate Transfers

Boise Probate Attorneys, Idaho Estate Planning Lawyers, Probate, Wills, Trusts and Estate Planning, call (208) 472-2383 or visit www.kershisniklaw.com or www.lawboiseid.com - Free consultation.

Boise Probate Attorneys are often asked what, if anything, is a non probate transfer and why would someone want something to be transferred outside of a will?  Firstly, you can avoid potential inheritance tax for your heirs if you transfer property outside of a will.  Secondly, there are many ways to transfer property or income outside of your estate resulting in a non probate transfer. 

Common ways Idaho Estate Planning Lawyers by-pass the testamentary transfer of property is through non probate transfers.  Examples of these are trusts that are created during the lifetime of an individual.  Idaho Estate Planning lawyers create a inter-vivos trust where the individual transfers all their property to the trust, but they retain control of the property during their lifetime.  The trust names beneficiaries and upon the death of the individual the property passes to the beneficiaries without the need to go through probate. 

Estate Planning Attorneys also often have their clients use life insurance as a way to pass income outside a testamentary devise.  The insurance policy can potentially transfer a much larger sum of money than the individual paid in, and the proceeds from the life insurance policy transfer outside of the estate making a non probate transfer. 

Another way to pass income outside of probate is through the use of bank accounts.  If you have a joint account and one of the parties dies, the balance in the account becomes the property of the other party named on the account.  Another bank account method to by-pass probate is the "Totten Trust"  A Totten Trust is basically a P.O.D. account.  By designating a bank account as a Totten Trust, payable on death to named beneficiaries, Probate Attorneys are able to help their clients create a trust to pass money outside of probate.

For other ways to create non probate transfers or if you need to speak to a Boise Probate Attorney or an Idaho Estate Planning Lawyer, please call (208) 472-2383.