How to Avoid Probate

Most of our alumni and supporters are aware of the need to avoid probate when planning their estates.

Typically, those with the greatest concern about it are people who own property individually. That’s because assets owned by one individual at the end of life are potentially subject to the probate process, which creates delays and increases expenses. If you are an individual who owns your primary residence, wants to avoid probate, and has a desire to support medical education and research at Indiana University School of Medicine, then you’ll want to consider these strategies:

1. Retained Life Estate

You can give your residence to IU and still retain the right to live in it the rest of your life. When you make the gift, your generosity generates a charitable income tax deduction. At the end of your life, ownership of your residence passes to IU without going through probate.

2. Gift Provision in your Trust Document

If your estate planning attorney created a revocable living trust for you, you could consider having your trust own your primary residence. To avoid probate, your attorney would need to draft a gift provision in the trust directing the trustee to transfer your residence to IU School of Medicine when you pass on. While living, you can remain in your residence as long as you’d like.

3. Transfer on Death Deed

In Indiana, state law allows a homeowner to name a “beneficiary” who, at the end of the homeowner’s life, automatically receives ownership of the home. You could consider naming IU School of Medicine as a “beneficiary.” If, during your life, you have your attorney prepare and record this transfer on death deed, you’ll bypass the probate process. If your property is not located in Indiana, you’ll need to consult with your attorney to determine whether your state has this law in place.

Learn More

No matter which gift strategy you use to avoid probate, you eliminate the burden on your loved ones of prepping and selling your residence. IU has the resources and expertise to accept real estate gifts. We will prepare it, sell it, and use the proceeds as you direct, whether for medical education or medical research. Your gift will have a lasting impact here at the School of Medicine.

If you have any questions about a charitable gift of real estate, please contact Tim W. Ueber, IU School of Medicine’s senior director of planned giving, at twueber@iu.edu, or (317) 274-0187.