Options for avoiding probate

I live in a condo in a 55-plus community and want to help my children avoid probate when I eventually pass away. What should I do? There are three good choices depending on your situation. The first choice is a Life Estate Deed, where property owners retain ownership of the home for their lifetimes, and when they die, the home passes to their initial choice of recipients without any further action being required. Simply, once the “life-tenant” passes away, the chosen person (or people), known as the “remainderman,” automatically becomes the owner. The downside to this choice is that the chosen remaindermen are “vested,” meaning their interest in the property is locked in. The property owner cannot later change his or her mind, sell or even mortgage the property without the remainderman’s consent. To fix this problem, an Enhanced Life Estate Deed was developed. This type of deed became known as a “Lady Bird Deed.” This type of ownership is similar to a standard life estate, but the remainderman’s interest in the property is not vested, meaning the homeowner can freely change his or her mind about who takes the property afterward, and can sell or mortgage the property without anyone’s consent. The final choice is to set up a living trust. This choice provides the most flexibility and is best for people with more assets to plan for. Trusts are, however, significantly more expensive and complicated to set up than either type of life estate deed.