Estate planning allows you to prepare for the future by determining what happens to your assets when you pass on. It's a valuable tool that can bring reassurance and ensure your loved ones are cared for when you're gone. If you have a lawyer draft a will as part of your estate planning, you should understand probate. Here are the facts about this process.

What Is Probate?

Probate is a legal process that any will must go through before assets of an estate can be distributed to the beneficiaries. When someone passes on, the executor of the will—usually the deceased's spouse or an adult child—submits the will to the probate court. The court admits the will to probate by verifying it has been signed and has the required witness signatures.

Next, the executor named in the will applies for appointment by the court to administer the estate. The executor prepares and files an inventory of the estate assets with values for each asset with appraisals if necessary.   The estate is then administered with the sale of any assets that need to be sold.  All creditors have an opportunity to come forward and present their claim if money is owed by the decedent.  If people want to dispute the will, they also have the chance to do so.  Once the estate is fully administered, a final account is prepared and filed showing all income and disbursements, including distributions to beneficiaries.

How Can Probate Be Avoided?

Probate presents a few problems. It can take many months or sometimes years to complete, for instance, and beneficiaries won't get their assets until it’s over. Since the probate is public, they assets listed in the estate are available for public view.  Finally, there are costs of probate, including lawyer fees, administrative court costs, and appraiser's fees.

There are several ways to avoid probate. For instance, you can give assets away while you are still living. If you own a house, you can establish legal joint ownership—with your spouse, for example—so that when you die, the property goes to them automatically. You can also place some assets in a trust so that they won’t go through probate. Consult an attorney to discuss your options.

For help with wills and estates in Batavia, OH, trust Nichols, Speidel & Nichols. This law firm has been serving Clermont County since 1926, providing knowledgeable and reliable legal expertise. Their team handles everything from DUI charges to custody disputes. They will review your case thoroughly and provide honest feedback on your legal options. Get a look at their full list of practice areas online. For a free consultation with a lawyer, call (513) 732-1420.