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How important is it to avoid probate?

On Behalf of | Apr 28, 2022 | Estate Planning |

If you want to make life easier for everyone in your family as well as all of your beneficiaries when you pass away, it is important to set up your estate plan in a way that helps it avoid probate. Probate is costly and time-intensive, which can be upsetting to those who have to handle your estate after you pass away.

Avoiding probate is possible and is helpful. Probate court is typically a long process. It can take weeks or months to sort out probate assets, since the court has to look at any debts owed and verify which assets can be passed on.

If your assets have to go through probate, your loved ones may spend hours upon hours working with attorneys, going to meetings and attending court hearings to resolve issues regarding your estate.

It’s possible to avoid probate

The good news is that it is possible to avoid probate with the right preparations. You can set up a living trust, for example, to hold assets and bypass the probate process. If you set up trusts, your assets can be moved out of your estate and minimize the amount of time your estate needs to pass through probate, if any at all.

The nice thing about bypassing probate is that your beneficiaries will get the assets that you want to leave to them sooner. On top of that, if you use trusts to protect your assets, creditors may not be able to access them for debts against your estate.

The right planning can help your family avoid probate court

Good planning can help you prepare your estate in such a way that your family won’t have to worry about probate court. With beneficiary designations, trusts and other legal documents in place, it may be possible to pass on your assets quickly and easily without having to go through probate.

Think about your options now, so you can begin to prepare. Planning now can help you minimize the risk of your assets heading into probate and drawing out the time it takes to pass on your assets following your death.

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