Payable-on-death (POD) bank accounts are also an effective way to avoid probate.  Any money in the POD account passes directly to the named beneficiary upon the account holder's death.  The added benefit of a POD account is that the account holder retains exclusive rights to the account while he or she is alive, and retains the right to change the beneficiary to the account.

Transfer-on-death (TOD) securities allow a person to name someone to inherit stocks, bonds, or brokerage accounts without probate.  This model works very much like a POD bank account. After a person has registered ownership this way, that person retains exclusive ownership to the stock and, like the POD account, retains the right to change the beneficiary.

A few states offer car owners the option of naming a beneficiary for their vehicle. This transfer-on-death registration for vehicles also provides car owners the same exclusive ownership rights as POD accounts and TOD securities accounts.

Revocable Living Trusts

A revocable living trust can hold title to property for the benefit of an individual. Since title is held in the name of the trustee (usually the person who set up the trust) and a beneficiary is named for the property, the property is not part of the estate for probate purposes. Similar to a will, a trust document directs the trustee how to distribute the trust property at the time of death, and to whom.

Getting Legal Help to Avoid the Probate Process

Sheltering assets from probate or avoiding probate altogether requires advance planning and expert guidance. If you are considering ways to avoid probate, contact an experienced estate planning attorney in your area to discuss your options and get the estate planning process started.