Probate court is commonly compared to a bad group text. There are too many people, too much chaos, and not enough definition. It can take months, sometimes longer, to settle an estate through probate. Families are left dealing with court procedures, unexpected legal charges, and emotional distress.
The good news is that probate can be prevented in most instances with adequate planning. A well-planned estate plan keeps your business private and as structured as it can be. More importantly, it prevents your family from going through unnecessary court processes during a time when they are already grieving.
What is Probate and Why Do People Avoid it?
Probate is court-supervised distribution of a deceased person’s assets. Probate involves validating a will (if one exists), settling debts, and transferring real property according to state law. Probate may be public, lengthy, and expensive. Even in simple cases, probate can take months and involve thousands in attorney and court expenses.
If you leave only a will, or no estate plan at all, your property will likely wind up in probate. This where your family may have to wait extended periods of time before they receive anything that you had hoped to leave them. In some cases, even probate can lead to battles among relatives or other heirs.
How Estate Planning Keeps You Out of Probate
A complete estate plan can allow your assets to pass directly to the beneficiaries of your choice, free from the intervention of the court. One of the best ways to do this may be by means of a revocable living trust. A trust allows you to transfer ownership of property during your lifetime and still maintain full control of your assets. When you pass away, the assets in your trust pass directly to the individuals you’ve designated, without the need for probate.
Other valuable tools include transfer-on-death deeds, payable-on-death accounts, and properly set-up joint ownership. All of these techniques used together create an effortless means for your estate to be managed and passed along without hesitation through the courts.
Planning Ahead Makes a Real Difference
Probate is typically slow, expensive, and stressful. Estate planning is your chance to make things easier for the people you care about. It gives you the authority to decide about what happens to your property, who takes care of your business, and how your wishes are carried out.
You don’t need to be wealthy to benefit from and estate plan. You can have a home, savings accounts, your possessions, or relatives you’d like to provide for—thinking ahead is one of the smartest things you can do.
We are here to assist you in creating a plan that works for your life and goals. Contact us today to schedule a free consultation. Let’s guard your legacy and save your family from going through the probate process.
