A living trust is created by executing a trust agreement and serves to avoid probate, if properly funded, since a trust as a separate entity never dies.
Real estate, bank accounts and investments accounts that are jointly owned at the time of your death may transfer to the joint owner depending on the type of joint ownership.
Retirement accounts, annuities and life insurance that has a beneficiary named transfers to the named party without going through probate.
A bank account with a pay on death designation will be paid directly to the named individual and not be included in your probate estate.
Investment accounts such as stocks, bonds and mutual funds that are designated transfer on death will be transferred to the named individual outside of probate.
A Transfer on Death (T.O.D.) designation for motor vehicles is allowed in both Missouri and Kansas to avoid probate.
Property that you have given away before your passing is not included in your estate and therefore avoids probate.
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