When a person dies and leaves behind an estate, their assets' distribution may require going through the probate process. Probate is the legal process of distributing a deceased person’s estate. If you have a will, probate also involves reviewing and determining the will's validity and authenticity, carrying out your wishes, and paying applicable taxes.
Most estate plans avoid probate as it can take a lot of time, can be expensive, public, and complicated. Essentially, it makes estate administration a hassle and delays the outcome. While drafting a living trust can protect your loved ones from probate-related stress and expenses, there are other probate avoiding strategies.
Besides having a living trust, other strategies you can use to avoid probate include designating beneficiaries on your retirement and bank accounts, making them payable-on-death. You can also avoid probate by holding your property jointly, either with your spouse or intended heir. The most popular probate-avoidance strategy is joint tenancy. It can be set up easily and at no cost. You may also be able to avoid probate if you qualify as a “small estate.”
At Assurance Elder Law, we understand why you may want to avoid or skip probate. We guide you through the probate-avoiding strategies appropriate to you and your circumstances. We advise you on all possible options while helping you choose the estate plan that ensures your family is well taken care of even after your death.
