Probate is the legal process of administering the estate of a deceased person and distributing assets to the designated beneficiaries. The process is supervised by a court, either through a local probate court or a superior court. During the probate process, the court reviews the validity of the deceased person’s will and resolves any disputes that may arise about the estate.
Key Takeaways
What Are the Problems With Probate?
Probate can be a lengthy and expensive process. In addition to court filing fees, probate typically involves the payment of legal and accounting fees. Furthermore, the process is conducted in public and the details of the deceased person’s estate become part of the public record. This can be a problem for those who wish to keep the details of their estate private.
How Do You Avoid Probate?
Probate can be avoided by setting up a living trust or other estate planning tools. A living trust is a legal document that allows you to transfer assets to a trustee who will manage them for the benefit of your designated beneficiaries. By transferring assets to a living trust, your beneficiaries can avoid the hassle and expense of probate.
How Can an Estate Planning Attorney Assist With Avoiding Probate?
An estate planning attorney can help you create a living trust and other estate planning tools that will help you avoid probate. An estate planning attorney can also explain the laws and regulations governing the transfer of assets and advise on ways to protect your assets and provide for your family after your death. An estate planning attorney can also provide guidance on setting up a will or trust, as well as creating a durable power of attorney. An estate planning attorney can also help you manage your assets during your lifetime and ensure that your wishes are carried out after your death.