The term “probate” may not be one you’re familiar with, especially if you’re new to thinking about estate planning. Most people do not have a reason to think about probate until a loved one dies or they begin to think about their plans for their own future. However, probate is a very important part of estate planning and the legal processes your family must go through after you die.
Basically, probate is the legal process of transferring property and assets after a person’s death. This involves a person’s will as well as paying off debts and distributing property and assets to beneficiaries. While this may seem like a simple, straightforward procedure, it can often be quite time consuming and complicated.
Explaining The Probate Process
The probate process is court-supervised and can take months to fully carry out. All property owned by the deceased person is subject to this process, with a few exceptions. If the process is contested, it can be significantly delayed, and it often takes a long time for the court to collect and distribute all the property correctly. Additionally, if the person in question did not have a will in place at the time of their death, the process becomes more complicated and more expensive.
How To Avoid It
Due to these reasons, many people try to find ways to avoid the probate process, so their loved ones do not have to deal with its challenges. You can do this in several ways through joint ownership, gifts or trusts. An estate planning attorney will know how best to do this.
This process can be incredibly complex and confusing but an estate planning attorney can advise you and give you more information about it while discussing your estate plan.