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What are the benefits of avoiding probate?

On Behalf of | Jan 13, 2022 | Estate Planning |

With a will, distribution of property to the beneficiaries takes time, especially if your estate is sizable. Everything will have to go through probate, the court-administered process of certifying the legality of your will and ensuring everything is implemented as stated.

You might want to avoid the whole probate for several reasons, as stated below.

Time

The probate process takes time, and since it is a court process, everything will have to hold until the matter is concluded. For the beneficiaries, this may translate to a long wait, sometimes months or years, for them to assume complete control of their share of the estate.

Cost

There are legal and administrative fees involved, and depending on the size of your estate, it may be a huge chunk. Probate fees and money spent on the legal representation could have otherwise gone to the beneficiaries.

Privacy

Unless the court issues contrary orders, anyone can access probate proceedings because they are considered public records. As a result, your family and finances may be exposed to the world, which you might want to avoid.

How can you avoid probate?

There are several ways of avoiding probate. One of them is setting up a revocable trust and putting your assets in it. The trust becomes irrevocable and considered separate from your estate when you are gone. After that, your trustee could start implementing the terms of the trust without having to go through probate.

Additionally, having joint ownership of assets and accounts payable on death are other ways of avoiding probate. Choosing the most suitable method depends on your end objectives or the size of your estate, but it is crucial to make the right decision. You could spare your estate a tidy sum, while your beneficiaries do not have to wait it out.