The Four Ways Your Property Will Transfer Upon Your Death

The transfer of your property after your death can occur in a few different ways, depending on various factors such as your estate planning arrangements, and the type of assets you own. Here are the four common methods of property transfer:

---

Intestate Succession

If you pass away without a valid will or other estate planning arrangements, the laws of intestate succession come into play and your property goes through the probate process to the default individual(s) according to the laws of your jurisdiction.

---

Will

If you have a valid will, it will typically outline your wishes regarding the distribution of your assets upon your death. After your passing, your will goes through the probate process, during which the court validates the document and oversees the distribution of your property according to your instructions.

---

Trust

If you have created a trust during your lifetime, your property will be transferred according to the terms of the trust. When you pass away, the trustee you appointed will manage the trust property and distribute it outside of probate to the beneficiaries as specified in the trust document.

---

Beneficiary Designations

Certain assets, such as life insurance policies, retirement accounts, payable-on-death (POD) bank accounts, and transfer-on-death (TOD) brokerage accounts, allow you to designate beneficiaries directly. Upon your death, these assets are transferred to the designated beneficiaries outside of probate, based on the beneficiary designations you have made.

---

At the Law Firm of Gabriel W. Taylor, I can assist you in understanding these concepts and creating an estate plan that transfers your property the way you want.