To probate or not to probate

As an estate planning attorney, one of the things I hate to see is families and loved ones that have to deal with probate for months after losing a loved one.

In some cases, it seems like the family has difficulty getting closure because they have to remain engaged in the probate process. Sometimes distributions meant for loved ones are held up for months (or years) while the process plays out. In my experience, one of the best things a family member can do for his heirs is streamline, or outright eliminate, the probate process.

Many clients come in with the same concern. They have heard stories about the time and expense of probate. They have heard about assets that are tied up for extended periods. They have heard about inheritances that were “tied up in court.” And they have heard about the various costs and expenses of the process.

So, most clients ask for a Last Will and Testament so that they “can avoid probate.” Yet, they are also surprised to learn that a Last Will and Testament does no such thing. In fact, a Last Will and Testament has to be submitted to the probate court to be given any effect. To be sure a Will is an important estate planning tool that we should all have. But it also leads clients to probate court rather than away from it.

The good news is there are a number of tools available to us that can help families avoid, or at least minimize, the probate process. In many cases, a “Revocable Trust” or “Joint Family Trust” are proper tools to address the issue. There are also tools like beneficiary deeds, payable on death accounts, etc.

Planning to avoid or minimize probate is a significant gift that you can leave for your family and loved ones. If you would like to learn more just give me a call.