A way for two or more people to share ownership of real estate or other property. When two or more people own property as joint tenants and one owner dies, the other owners automatically own the deceased owner's share. For example, if a parent and child own a house as joint tenants and the parent dies, the child automatically becomes full owner. Because of this right of survivorship, no will is required to transfer the property; it goes directly to the surviving joint tenants without the delay and costs of probate.

It is a quicker, simpler version of probate. The probate court is still involved, but it exerts far less control over the settling of the estate. In many states, these procedures are straightforward enough to handle without a lawyer, so they save money as well as time.

If the total value of all the assets you leave behind is less than a certain amount, the people who inherit your personal property -- that's anything except real estate -- may be able to skip probate entirely. The exact amount depends on state law, and varies hugely. If the estate qualifies, an inheritor can prepare a short document stating that he or she is entitled to a certain item of property under a will or state law. This paper, signed under oath, is called an affidavit. When the person or institution holding the property -- for example, a bank where the deceased person had an account -- receives the affidavit and a copy of the death certificate, it releases the money or other property.

A planned gift is any gift given for any amount, given for any purpose...operations, capital expansion, or endowment...whether for current or deferred use, which requires the assistance of a professional staff person, a qualified volunteer, or the donor's advisors to complete. In addition, it includes any gift which is carefully considered by a donor in light of estate and financial plans.

A power of attorney is a document that evidences the creation of a relationship between two people who are designated as the "principal" and the "agent". The principal designates the agent in the document, and the agent is authorized to act on the principal's behalf--to stand in the shoes of the principal--for whatever business the power of attorney permits. A power of attorney can be general, so that the agent can conduct any sort of business on behalf of the principal, or it may be specific, limited to the transactions expressly provided for in the document. Third parties may treat the agent as if he or she is the principal in any transactions which the agent is authorized to conduct. Powers of attorney are commonly used in all sorts of business activities, and are very frequently executed on behalf of individuals.

1.Payable-on-Death Bank Accounts

2.Retirement Accounts

3.Transfer-on-Death Registration of Securities

4.Transfer-on-Death Registration for Vehicles

5.Joint Ownership

a) Joint tenancy with right of survivorship

b) Tenancy by the Entirety

c) Community Property With Right of Survivorship

6.Revocable Living Trusts

7.Gifts

8.Simplified Procedures for Small Estates

a) Claiming Property With Affidavits -- No Court Required

b) Simplified Court Procedures

Estate planning is the process by which an individual, family or a counsel of professional advisors, who are familiar with your goals and concerns, your assets and how they are owned, and your family structure, arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death.

Probate is a process in which the court decides who receives assets that were owned by a person who has died. Assets are anything a person owns with value, such as property, cash, etc.