Passing estates through the probate process can cost you and your estate a large amount in fees while causing your loved ones to have to wait until the resolution of the process to receive the assets you attempted to pass on to them. Joint tenancy with a right of survivorship is one way to keep property from having to pass through the probate process.
You and a spouse or other significant other can own property jointly. When you do this, the property would pass onto your significant other when you die, keeping it out of probate. The two owning the property jointly don’t have to be married either.
Jointly owned property automatically passes onto the surviving member of the joint ownership when one dies. Because of that, the designation is fairly important.
Tenancy by the Entirety is another option while co-owned property may have to be designated as Community Property with a Right of Survivorship for married couples in Community Property states.
If you are unable to keep all of your property out of probate for whatever reason, however, your personal representative may need to obtain an estate surety bond in order to protect the interests of the estate and its beneficiaries.
So how do you easily purchase an estate surety bond?
Colonial Surety offers the direct and digital way to obtain estate bonds. We are the insurance company — which means no agent, no broker, and no middleman. We make it easy to obtain your bond instantly. The steps are easy — get a quote online, fill out your information, satisfy underwriting requirements, and enter your payment method. Print or e-file your bond from your office. It’s that simple!