In estate planning, the word “probate” often carries a negative connotation. Estate attorneys and financial planners typically recommend working to keep accounts and property out of probate whenever possible, especially those people with valuable accounts and property. That said, the probate system was created to protect the deceased’s accounts and property and to protect their family—and in some cases, it can be an advantage.
The Benefits of Probate
For some situations, especially those in which the deceased person left no will, the system works to make sure all accounts and property are distributed according to state law. Some potential advantages of having the probate court involved in wrapping up a deceased person’s affairs include:
The Drawbacks of Probate
While probate is intended to work fairly to facilitate the transfer of accounts and property after someone dies, the reasons to consider avoiding probate include:
While probate is a default mechanism that ultimately works to enforce the fair distribution of even small amounts of money and property, it can create undue costs and delays. For that reason, many people prefer to use strategies to keep their property out of probate when they die.
An experienced estate planning attorney can develop a strategy to help you avoid probate and make life easier for the next generation. Contact us to set up a consultation to discuss which option best fits your objectives.
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Disclaimer: Materials prepared by JM LAW, PLLC are for general informational purposes only. Educational material does not create an attorney-client relationship and is not an offer to represent you. You should not act or refrain from acting based on information provided.