If you place your assets in a will, then your estate must pass through probate administration. Probate is a long process that is also expensive. Also, probate can be stressful for family members who do not understand how the decedent’s property is going to be distributed. If you want to avoid probate administration, then you should speak to a knowledgeable estate planning attorney who can provide you with reliable legal advice.
Financial Savings
It is important to consider how much money you can save by avoiding probate administration. Fees and other costs associated with probate administration can add up quickly over time. Family members may not know how they will pay appraisal fees, accounting fees, attorneys’ fees, and executor fees. The estate may be depleted after paying all the costs associated with probate. Therefore, avoiding probate administration will ensure that the beneficiaries are more likely to receive assets from the estate.
Saving Time By Avoiding Probate Administration
Time is extremely valuable, and probate administration may drag on for months or even years. An executor may have everything prepared for the probate process and still face delays and other problems that make the entire ordeal inconvenient for everyone involved. Every asset in the estate must be assessed, valued, categorized, and disbursed. The larger the estate, and the more beneficiaries who may be entitled to take from the estate, the longer the probate administration will last.
Protecting Your Privacy
One primary disadvantage of probate administration is that it is public. The details regarding the administration of estates during probate become public record. The public can access information regarding the contents of the estate and the named beneficiaries associated with the estate. By avoiding probate administration you can protect your privacy and ensure that details regarding your family members do not become accessible to the public.
Reduce the Likelihood of Will Contests and Other Disputes
Probate administration can cause family members to feel victimized and abandoned. Sometimes disputes among family members will arise during probate administration. It is imperative to make sure that beneficiaries feel as if they are receiving what they should under the will or other instrument associated with the decedent. Sometimes children may not receive any assets and they will initiate a will contest.
Litigation associated with estates and will contests can drag on for years. These legal disputes can cause family members to become resentful. To avoid these problems from occurring, it is best to speak to a knowledgeable estate planning lawyer today.
Contact an Estate Planning Attorney to Avoid Probate Administration
If you want to avoid probate administration, then contact an estate planning attorney today to learn more about estate planning tools which can benefit you and your family members. You can also receive many tax benefits by avoiding probate administration.
We have years of experience helping clients learn how to navigate the complex world of estate planning. We can help you draft a revocable trust or other instrument tailored to your needs. Speaking with an estate planning attorney will help you learn more about the legal options available to you.