Probate is notorious for being unnecessarily lengthy and complicated. This is why legal and financial experts advise making advanced preparations to avoid it altogether. But what exactly is probate, and why should you avoid it? This blog will answer those questions and provide helpful tips on evading the hassles that the process brings.
What Is Probate?
Probate is a legal process that transpires after someone dies. The court oversees this procedure and calls for the consolidation of the deceased’s assets, distribution of any remaining properties and payment of remaining debts. It is often a lengthy, expensive and adversarial affair.
Why Should You Avoid Probate?
You spend your whole life building up your assets, so those you care deeply about can live comfortably. The last thing you want is to give your hard-earned wealth to the government while your loved ones have to wait for years before getting a single penny. In addition, estates that undergo probate lose a significant portion of their value due to taxes, court fees and other professional expenses.
For these reasons, planning is essential to safeguard the value of your estate and ensure that your assets are handled the way you want in the event of your disability or passing. An estate probate lawyer can create a plan with all your goals.
If you ask any estate probate attorney, they would advise avoiding probate mainly for the following reasons:
- Money: Court costs are involved throughout the process, which can quickly add over time. And since investments and bank accounts are suspended until the probate is concluded, getting funds to pay the fees will be challenging.
- Time: Probating an estate can take months, even years, for larger assets or those riddled with legal issues. During that time, the beneficiaries do not inherit anything and will have to wait until the court finalizes its decisions.
- Privacy: Everything that happens during probate becomes a part of the public record. This means anyone can see how much money is involved, what the assets are and all the beneficiaries’ names.
Top Three Ways to Avoid Probate
Taking the necessary steps to avoid the costs and delays of probate might seem daunting. But with the help of an estate probate attorney, it is much easier than you think. Experts will help you make the right decisions to save your family from the headaches brought about by the intensely complicated court procedures.
If you ask a Charleston probate attorney, the best way to safeguard your assets from the courts is to create an estate plan. Estate planning is simply the preparation of tasks that manage a person’s assets in the event of their death or disability. You will work closely with an estate probate lawyer to identify how you want your estate to be managed, distributed and preserved. It also fulfills all your financial obligations, so your family doesn’t have to.
Estate planning mainly involves the following tasks:
Identify Beneficiaries
An essential step in estate planning is creating a will that identifies the estate’s beneficiaries. With the assistance of an experienced probate lawyer in Charleston SC, you must name the heirs you want on your investments, financial accounts, insurance policies, pension plans and other accounts. If you fail to identify your beneficiaries, the courts will decide who gets what, which can cause fights within the family.
Creating Trusts
Creating a living trust is the best choice for you if you are a large estate owner with numerous beneficiaries. Making a living trust with the help of an estate probate attorney avoids probate, allowing your loved ones to get the most out of their inheritance. To make a living trust, you must transfer a property title under your name to the trust. You will no longer be the property owner but instead the trustee. You also have to appoint a person as your successor trustee. Their job is to ensure your assets are transferred to your trust beneficiaries at the time of your passing.
Establish Joint Ownership
A joint property with survivorship rights will avoid probate. With the help of a probate attorney in Macon GA or Charleston SC, you can explore this option deeply and include it in your estate planning. The following are the three types of joint ownership with survivorship rights:
- Joint tenancy with the right of survivorship: This means if one owner dies, the property title passes automatically to the living owner without the need for probate.
- Joint tenancy by entirety: This is the same as the above but is only reserved for married or domestic couples.
- Community property: This option is only available if your property is in California, Alaska, Nevada, Arizona, Texas or Wisconsin.
Secure Your Family’s Future With the Help of an Estate Probate Lawyer
Wiles Law is a full-service business, tax and estate planning law firm dedicated to helping individuals and business owners protect their assets and preserve their legacies through specialized and tailored strategies. Our Charleston probate attorney can help you plan for the future so your loved ones don’t have to go through the highly stressful and expensive probate settlement process.
In addition, our probate lawyer in Charleston SC will develop a plan to save every legal fee, court cost and tax dollar as legally possible. Contact us today by filling out this form and get in touch with a probate attorney in Macon GA or Charleston.