How To Avoid Probate, by Mark Fishbein, Tucson Estate Planner

What is probate?

When a person dies, their assets must go through the probate process before being transferred to the beneficiaries. Probate is the legal process of distributing a person's assets after death. The court appoints an executor to handle the estate, and the executor is responsible for paying any debts and taxes and distributing the assets to the beneficiaries.

Probate can be a long and expensive process, so it's essential to plan to avoid it if possible. There are many ways to do this, such as setting up a trust or transferring ownership of assets to a beneficiary. Probate can be avoided altogether if the deceased person's assets are less than $150,000.

If you're facing probate, there are some things you can do to make it go more smoothly. First, get organized and gather all the necessary paperwork.

What are the benefits of avoiding probate?

Probate is the legal process of distributing a deceased person's assets to their heirs. It can be lengthy and expensive, so many people try to avoid it if they can.

There are several benefits to avoiding probate. First, it can save your loved ones a lot of time and money. Probate can take months or even years to complete, and the costs can add up quickly. Avoiding probate can help your loved ones avoid this stressful and costly process.

Second, avoiding probate can help you keep your assets private. Probate is a public process, so all your estate details will be available for anyone to see. If you want to keep your affairs private, avoiding probate is the best way to do it.

How can you avoid probate?

When a person dies, their assets must go through the probate process before being passed on to the beneficiaries. Probate can be a lengthy and expensive process, so it is often desirable to avoid it if possible. There are several ways to do this:

  1. Transfer ownership of assets to a trust. This can be done during your lifetime or in your will. Trusts are not subject to probate, so this is an effective way to avoid the process altogether.
  2. Make use of joint ownership arrangements. If you own property jointly with someone else, it will pass directly to them on your death without going through probate. This can be a good option if you don't want to set up a trust.
  3.  Designate beneficiaries for your accounts.

What are the risks of avoiding probate?

Many people want to avoid probate at all costs when it comes to estate planning. While there are some valid reasons for wanting to do this, some risks are associated with avoiding probate. You should keep a few things in mind if you consider avoiding probate.

One of the most significant risks of avoiding probate is that your loved ones may not end up receiving what you intended for them to have. If you die without a will or trust, your assets will be distributed according to state law. This may not be what you would have wanted, and it could cause conflict among your loved ones.

Another risk is that your estate could end up being tied up in court for years if there are any disputes over how your assets should be distributed.

Conclusion: Is avoiding probate right for you?

When a person dies, their assets must go through the probate process before being distributed to the beneficiaries. Probate is the legal process of distributing a person's assets after death. It can be a long and expensive process, so many people try to avoid it.

There are a few ways to avoid probate. One way is to create a revocable living trust and transfer all your assets into it. Another way is to name beneficiaries on your accounts, such as your retirement accounts and life insurance policy. Finally, you can give away assets during your lifetime.

If you're trying to decide if avoiding probate is right for you, there are a few things to consider. First, how much money do you have in assets? If you have a lot of assets, it may be worth avoiding probate to save your beneficiaries money and hassle.

Alta Estate Services is an excellent resource for those considering a trust as part of their estate planning.

 

Mark Fishbein, Tucson Estate Planner of Alta Estate Planning Services is an excellent resource for those considering an Estate Plan, Family Trust, Will, Medical Power of Attorney, or business licensing assistance. Follow Mark Fishbein on Facebook.

Media Contact: 

Name: Mark Fishbein
Company: ALTA Estate Planning Services
Email: mark@altaestate.com
Phone: (520) 797-1400
City/State: Tucson, Arizona