Probate

What is probate?

Probate is the legal process where a court manages the distribution of your assets that are left when you die. The probate process is the general administering of your will or your estate if you die intestate or without a will. The probate court will appoint an executor or executrix that was named in your will or appoint an administrator if there is no will to handle the collection of assets, pay any outstanding liabilities, and then distribute any assets that remain to your beneficiaries that have been named in your will. There are usually a large amount of legal and tax implications within the probate process, so you will want to speak with a probate attorney, an estate planner and or a financial planner to help minimize the costs for your family and loved ones.

What are the benefits to avoiding probate?

There are some benefits to avoiding probate that you should look at. One big benefit of avoiding probate is the cost. Another benefit to avoiding probate is it can be a lengthy process. Probate fees are usually costly to your estate especially if you own property in other states. If that is the case, then you may likely have probate proceedings in multiple states. Avoiding probate altogether can speed up the process of settling your estate. One other benefit of probate is your heirs and your beneficiaries are protected by the courts. Creditor’s claims can be made against your estate for a limited time, and all questions and disputes within your estate are usually settled with the courts. Contact an Estate Planning Associates to find out how they can help you to avoid probate.