Every year, millions of dollars are spent on astronomical court and legal costs associated with the probate procedure when a loved one dies. Avoiding probate in estate planning facilitates the transfer of the deceased’s property to the designated person at the planned period without involving major costs. The Probate Process’s History
Probate is the process of confirming the legitimacy of the will, ruling out any legal challenges, and adjudicating any claims made against the estate while under the supervision of the court. Probate normally occurs at the appropriate court in the state and county where the deceased had a permanent residence at the time of death.
In the absence of a valid will a scenario known as intestacy, the title to the property falls to “heirs at law,” who normally divide the remaining assets equally among the children and the surviving spouse. Whether or whether there is a will, the property must go through the probate procedure through the cost of grant of probate.
Even if a person leaves a will, a court frequently needs to give others an opportunity to contest it. The validity of the will may be questioned, creditors may challenge it, and the decedent’s mental capacity at the time the will was written may be questioned. These cost of probate services expenses, which demand both time and money, will be covered by your heirs. The assets are frequently frozen until the courts handle the probate process, which can take up to a year or two.
Eliminating or streamlining the probate process
Even while probate happens whether or not you prepare a will, you may want to consider other measures that will help your inheritors. Revocable living trusts and inter vivos trusts were created to help people escape the probate process. Contrary to the assets listed in your will, the assets maintained in a trust are transferred to your inheritors without going through the probate process. You simply create a trust agreement, following which you give the trust ownership of the asset.
