Probate: What It Is? And How To Avoid It! —Part 1
Probate can be a daunting and costly process, requiring your assets to pass through court before reaching your heirs. While it's a standard legal procedure, it's time-consuming, expensive, and public. Avoiding probate is a key goal for most estate plans, and we'll explore why and how in this two-part series.
During probate, the court oversees various legal actions to finalize your affairs and distribute your estate. This typically includes:
Validating your will, if you have one.
Appointing an executor or administrator.
Identifying and valuing your assets.
Notifying and paying your creditors.
Filing and paying your taxes.
Distributing assets to beneficiaries.
Probate is often burdensome for your loved ones, with its high costs and lengthy process. Implementing effective estate planning strategies can help avoid probate altogether or simplify the process for your family.
If you don't have a proper estate plan in place, your assets will likely go through probate upon your death. Even with a will, probate is still necessary, emphasizing the need for comprehensive estate planning beyond just a will.
Dying without a will, known as dying intestate, also triggers probate. In such cases, state laws determine how your assets are distributed among your heirs.
Although some states offer streamlined probate processes for smaller estates, most estates must go through probate, regardless of size.
The probate process begins by authenticating your will, appointing an executor, and locating your assets. Creditors must be notified and paid, and taxes filed and settled. Finally, remaining assets are distributed to beneficiaries, and probate is closed.
Our goal as your legal advisors is to keep your family out of court and conflict. However, without proper planning, probate can become an unnecessary burden for your loved ones.
In the next part of this series, we'll explore strategies to avoid probate and ensure a smoother transition for your estate. If you haven't yet established an estate plan or need to update an existing one, reach out to us for guidance.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Legacy Planning Session, during which you will financially organized and make all the best choices for the people you love. You can begin by calling our office today to schedule a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
