When you consider estate planning, you likely think of factors such as wills and beneficiaries. However, one crucial area you can’t overlook is preparing your assets for probate. Although this is a critical component in family law, many people are unaware of what it is or what it entails. The following guide offers some insight into this subject so you can work with your lawyer to devise a plan that best suits your needs. 

The Top 4 Queries About Probate

What is probate?

After a person passes away, their estate goes through what is called the probate process. This process involves the courts reviewing the departed’s will and requests regarding how their property should be distributed. Once the will is deemed valid and the beneficiaries are recognized, the court must put all the applicable assets through a cataloging process so taxes and debts can be paid. This must occur before the assets can be distributed to the designated beneficiaries. 

Who’s in charge of handling the proceedings? 

When you meet with your attorney to create an estate plan, you’ll be required to name an executor of your will. You’ll need to choose someone you trust, as they’ll be in charge of meeting with the courts when needed. In the event that you didn’t name an executor, or the executor is unable to handle the proceedings, the courts will select one on your behalf. 

How long will the process take?

Unfortunately, it’s not a quick process. On average, it can take anywhere from six to nine months. However, this time will only increase if there are areas of your will that are unclear, such as not designating particular assets or not updating your will after a major life event. Additionally, if you fail to properly catalog all your divisible assets, this will increase the length of the proceedings. 

Is there a way to avoid going through probate? 

Tennessee laws offer options to minimize the frustration associated with these proceedings. The state allows you to create a living trust that protects assets like real estate, bank accounts, and valuable items, including cars or artwork, from the process. 

If you want to ensure your estate plan covers preparations for probate, talk to the professionals at Estep & Estep in Tazewell, TN. Since 1953, these lawyers have guided their clients through everything from will creation to personal injury claims. They will utilize their legal knowledge to ensure your assets and family are well cared for after you pass. Visit the website or call (423) 626-3525 to schedule a consultation today.