Ways to Transfer Property
There are several ways property can be transferred during your lifetime or at death. The right approach depends on your goals, your family situation, and how much control you want to maintain. Below are the most common options.
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Without a Plan
If no plan is in place, assets are distributed according to state law. This process is often handled through probate and may not reflect your personal wishes.
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Last Will & Testament
A will allows you to name beneficiaries and outline how your assets should be distributed.
- Goes through probate
- Becomes part of the public record
- Names an executor to carry out your wishes
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Revocable Living Trust
A living trust allows you to manage assets during your lifetime and direct how they are handled after death.
- Typically avoids probate
- Maintains privacy
- Provides continuity in the event of incapacity
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Joint Ownership (Right of Survivorship)
Assets owned jointly with rights of survivorship pass automatically to the surviving owner.
- Avoids probate for that asset
- Transfers immediately at death
- May reduce control and create unintended risks
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Transfer-on-Death Designations
Certain assets – such as real estate or accounts – can name a beneficiary to receive the asset at death.
- Avoids probate
- Simple to establish
- Does not provide ongoing management or protection
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Lifetime Gifting
Property can be transferred during your lifetime through gifts.
- May reduce the size of your estate
- Subject to annual and lifetime gift limits
- Often used as part of a broader estate strategy
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Not sure if your documents are in place or up to date? Our team can help you review your plan and coordinate with your attorney to ensure everything works together.
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