Estate planning is the process of ensuring one’s assets are distributed according to their wishes at the time of their passing. Putting these plans in place saves hassle for any surviving heirs, including potentially avoiding probate. Here’s what the probate process entails and how you may be able to avoid it. 

What You Should Know About Probate

What Is Probate?

Probate is an aspect of estate planning initiated by an individual’s executor or attorney. Following the individual’s passing, a probate judge validates the will, and then grants the executor permission to distribute assets as directed. If the deceased has not left a will, further proceedings are necessary for determining how to split up assets.

How Does It Work?

In some cases, probate can be a long and drawn-out process. First, the executor of your will must obtain a death certificate. They’ll then present the will to the probate judge. Thereafter, the value of your assets will be appraised, and any debts or liabilities will be settled, including taxes.

The executor must also pay any remaining bills, such as utility costs. Next, the executor will notify beneficiaries, and if all is approved, assets will be distributed according to the will. In some cases, however, someone may contest the will.

How Can You Avoid It?

For large estates, the probate process can take years to complete. It can also become expensive when legal fees begin to add up, and any information pertaining to probate also becomes part of the public record. For these reasons, many individuals attempt to avoid probate altogether.

One way to bypass probate is by maintaining a small estate. To minimize your estate, consider distributing some assets now, instead of leaving them to beneficiaries after you pass.

Other estate planning options for avoiding probate include setting up a living trust, as the assets under the trust are not considered a part of an estate. You can also make accounts payable on death, which can facilitate a transfer without a need for probate.

Estate planning decisions can be overwhelming, but the team at PoindexterHill, P.C., in Waynesboro, VA, can help. This trusted firm has been serving clients since 1976 and offers comprehensive estate planning and probate administration services. See their full list of practice areas online, or call (540) 943-1118 to set up a consultation.