Most people know that they should avoid probate, but not why. One of the biggest reasons to avoid probate is to ensure that your assets are distributed according to your wishes. However, when an estate goes through probate, its distribution is left up to the court. Plus, it’s a public process, leaving your assets easily findable. Another reason to avoid probate is the cost. Probate can be expensive; between court fees and the cost of hiring a lawyer, probate can greatly reduce the value of an estate that could otherwise be distributed to beneficiaries.
How to Avoid Probate in Missouri
There are a few strategies for avoiding Missouri probate, and which you choose depends on your preferences and circumstances. Some people think that a valid will is all that’s needed to avoid probate, but that’s only one part of the big picture that is estate planning. While wills are one of the most important components, there are other ways to protect assets and avoid probate, such as trusts, jointly held assets, and payable-on-death designations. Different types of assets and accounts should be closely examined to find the best plan for protection.
Remember: once an estate is in probate, you must go through with the associated costs and processes, so avoiding probate is the best strategy. Work with an expert like an estate planning lawyer to ensure that your plan complies with Wisconsin laws so your assets can be distributed according to your wishes. It’s also important to remember that not all estates should have the same plan, so what works best for you might not work for your neighbor.
Is There a Way to Make Probate Go Faster?
Unfortunately, there are few ways to make probate go faster. That’s because the process itself is lengthy and complicated. There’s no valid will, so all assets must be found and heirs must be named under Missouri law. It takes time to track down assets and accounts, calculate and pay debts, name an executor, and locate potential heirs. It also depends on the size of the estate as well as the number and types of assets that need to be distributed. On top of all that, some decisions are contested in probate court, further lengthening the process. While many simple probate cases are closed within a year, others can drag on, adding to the costs, stress, and time necessary to resolve the estate. The best way to shorten probate and make it go as smoothly as possible is to hire a probate lawyer. While you can legally handle the probate process on your own, the best way to avoid common mistakes in probate is to find a skilled lawyer to advise on your case.
Contact a Missouri Probate and Estate Planning Attorney
Whether you’re facing probate of a loved one’s estate or want to avoid probate yourself, you should discuss your needs with a lawyer before making any decisions. At Mark Harford Law, we specialize in all aspects of estate planning, including helping clients navigate probate. If you’d like to discuss your needs with a member of our law team, get in touch to schedule a consultation to learn more about your options.