There are many benefits associated with avoiding probate. You should strongly consider taking steps to try to spare your family from having to go through the probate process when you make your estate plan. The probate process can be a lengthy and complex process and if you do not make plans in advance for your loved ones to avoid it after your death, it will be too late for your loved ones to do anything to avoid probate. It is up to you to take action before you get sick or you pass away so probate can be avoided.
The Law Offices of James A. Miller, P.C. can provide you with invaluable assistance taking the steps necessary for your family to avoid probate. With the right estate planning help from an experienced attorney, you can use the legal tools designed for avoiding probate so your family can benefit from your foresight and your careful planning. Give us a call to talk with a Worcester probate lawyer to find out more about why avoiding probate makes sense and to learn how to avoid the probate process.
Four Key Benefits of Avoiding Probate
Four of the key benefits to avoiding the probate process include:
- Saving money: Your loved ones can save a considerable amount of money by avoiding the probate process. Investopedia estimates that the costs associated with the probate process total around three to seven percent of the value of the estate. This could result in a substantial amount of money lost due to the probate process. If your estate is a complicated one and any problems arise during the probate process, you could find that the costs are even greater. By avoiding probate, this money is saved and heirs or beneficiaries can inherit more.
- Saving time: The probate process can last around a year, although it may be faster for smaller and simpler estates and longer for complex ones. If you don’t want your heirs or beneficiaries waiting months to inherit, taking steps to avoid the probate process can allow you to facilitate a much faster transfer of wealth.
- Keeping the court out of your business: The probate process is overseen by the court, unlike other methods of transferring assets, such as trust administration and pay-on-death accounts. You and your loved ones may not want your family’s finances becoming court record and you may not be happy about having outsiders involved in a transfer of assets from one generation to the next. By transferring assets outside the probate process, you can keep the courts out of your business unless any problem arises.
- Reducing the possibility of family fighting: When assets transfer through the probate process, your will is going to determine how the assets transfer… if you made a legally valid will. If you did not make a will, intestacy law will determine what happens to your wealth. Whether or not you have a will, there is a possibility of family fighting occurring after your death. Your will could be contested or, if it is not 100 percent clear, your loved ones could be left arguing over your intentions. When you make a trust or use other estate planning tools like joint ownership and pay-on-death-accounts, the possibility of someone successfully contesting your wishes is much less, and there may be no way for anyone to contest your wishes at all. You can be certain that the right people will inherit your property and you will not have to worry about your estate causing discord among the family members that you left behind.
These are just some of the many different reasons why you may want to make use of estate planning tools so you can make it possible for your loved ones to avoid the probate process.
Getting Help from A Worcester Probate and Estate Planning Lawyer
The Law Offices of James A. Miller, P.C. can assist you in deciding what legal tools you should use for avoiding probate so you can get the desired benefits for you and for your loved ones. Give us a call at 866-370-3888 or contact us online to talk with a Worcester probate lawyer about how you can make certain your loved ones do not have to cope with the probate process after your death.
You can also download a free estate planning worksheet to discover more about the ways in which you can avoid the probate process through proper estate planning. Our legal team is here to help, so reach out today to get started.
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