The fact that you can avoid probate is one of the biggest benefits of having an estate plan in place. But what is probate and why do you want to avoid it at all?
Probate is a public process and can end up being very costly, leaving you tied up in the courts for months or even years after the loss of a loved one. During the process, you have limited or no access to the property and funds you may desperately need. All the proceedings will be part of the public record, and anyone who cares to can find the details of your inheritance.
You can avoid probate with proper estate planning through documents such as revocable living trusts and other beneficiary designations that mean the assets won’t be solely held should something happen. Instead, they pass straight to the heirs. Assets and property within a revocable living trust are not subject to the same public scrutiny either, affording you and your family some level of privacy.
However, at the end of the day, the probate court will likely be involved to some extent, no matter what. The difference lies in how much the court is actually involved, and through proper estate planning, the involvement will be minimal, and could be easily resolved clerical issues and payment of the standard probate fee.
Estate planning allows your loved ones to quickly settle your estate in a private, efficient manner with little interference from the courts. If you are interested in learning more about avoiding probate, contact us to schedule a consultation.
A good estate plan is complicated, therefore, you need an experienced attorney to guide you through the process. For any further information about setting up an estate plan, please feel free to contact us.
