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Reasons to create an estate plan and avoid probate

On Behalf of | Feb 27, 2024 | Estate Planning, Heirs & Beneficiaries, Probate | 0 comments

Probate might sound like a big, fancy legal term, but it is something you might want to consider avoiding. After you read the information provided below, you will see why and along with your attorney, make an education decision.

What is probate?

First of all, probate is the legal process of proving a will in court and carrying out its instructions after someone passes away. It sounds pretty straightforward, but it is actually quite complicated, expensive and time-consuming.

Probate is also a public process, so everyone that looks up these documents can see what you left behind and to whom, which can cause problems within families sometimes.

What is the alternative?

A very popular alternative is creating an estate plan. Here’s why it is such a good idea:.

  • You get to call the shots with an estate plan. Your assets are yours and you can designate beneficiaries and change them as you wish during your lifetime.
  • Unlike probate, which can last for months and years, having an estate plan allows the executor to distribute the assets much faster and more efficiently.
  • Even though you will need an attorney, and it is certainly better to have the guidance of an estate planning attorney for this, the cost is nowhere near what probate would cost.
  • The process is completely private. No one has to know what you own or who you left it to, except the parties involved.

In addition to having an estate plan, there are other tools you can use to avoid probate, such as designating beneficiaries for your insurance policies. In addition, you can opt for adding someone’s name to one of your properties or your house, that way, when you pass away, it simply goes straight to them.

In conclusion, creating an estate plan is a good idea, which is why it is such a popular choice. It gives you control over your assets; it allows you to make changes to your will or trusts during your lifetime, it saves money in the long term; and it is private.

Many estate planning attorneys opt for this themselves because they know the hassles of probate court. Speak with an attorney who understands both to make a decision and begin planning your future today.