Why Should I Avoid Probate?

Though you may have heard the term before, you may be unaware of what it is. Furthermore, there are several reasons why people choose to avoid it. It should be noted that some of these same reasons are also why people choose to have their assets go through probate. It is a personal choice and one that gets made through your conversations with a qualified attorney. 

When someone passes away—after having written a legal Will or having done no estate planning at all—their assets go to a probate court. Although nothing you own will physically move there, the probate court oversees the distribution of your assets to your designated  beneficiaries or your beneficiaries at law.  This is usually done by an estate executor after confirming that a legal and valid Will had been written. 

Common Issues With Probate

There’s a common saying amongst business owners that you shouldn’t interfere with their time or money if you want to win someone over. Think of that saying to remember two drawbacks connected to probate: it is costly and time-consuming. 
Part of the reason the process is long is that a Will can be contested. Additionally, the fact that it is public could potentially increase the likelihood of someone challenging it. 
Before anything gets distributed to the beneficiaries, the court will ensure the deceased’s debts get paid. The court could potentially assign lawyers (who will need to get paid) to represent minors. Lastly, probate itself costs money.

Avoiding Probate

If you meet with an attorney and create a Will, then your estate will pass through probate. The only exception is if the estate is very small. Each state handles probate differently, so the exact size of a “small” estate is dependent on your location.

Although a Will is not guaranteed to avoid probate, other estate planning tools can. When you create and place your assets into a trust, the trust essentially owns them. Anything inside of that trust is not going to pass through probate.
Along those same lines, if you own property jointly, e.g., with your spouse, your assets become their property when you pass away.  

The Law Office of William C. Robinson
Anyone can find themselves in the middle of a probate battle. If you are someone’s designated beneficiary, others may contest or challenge the assets you are supposed to inherit. Contact The Law Office of William C. Robinson if you need professional legal counseling services in conjunction with probate. Your first consultation is free, and we look forward to learning how we can help you.