Probate is when a will goes through a legal process to determine if it is authentic. It is a common legal procedure, but it is also very timely. Wills that go through probate takes time and money, which is why some try to avoid it altogether. There is a way to skip probate, and there may be scenarios when you would want to skip the process.
Wills are used to pass on property to beneficiaries once a person dies. If a will is not established, then the courts will create one and distribute property how they see fit. Wills are very beneficial for the families after a family member’s death and the testate, the person dying. The family will have a more comfortable process after their loved one’s passing. Plus, their loved one will have peace of mind when they do pass.
Ways of Avoiding Probate
There are ways of avoiding probate, but there needs to be careful planning. Firstly, it is best to have a will. Those who die without wills may also require probate. You may want to avoid probate to skip the many legal fees you will incur or avoid the estate taxes. Your reason may also simply be privacy.
Regardless of the reason, there are ways of avoiding probate. One way of avoiding this lengthy legal process is to set up a revocable living trust. Property is placed into the trust that is only accessible to the owner. Once they die, the property is given to a beneficiary, and no probate is needed.
Life insurance policies are another way you can avoid probate. They require policyholders to add a beneficiary to the plan. Once the holder passes, then the property is passed on to the beneficiary. Retirement plans may also be another option, but not all of them work the same way.
In general, you will most likely go through probate. Unless you actively plan to avoid it, the process will most likely occur. That said, probate is relatively inexpensive, and the process has been streamlined over the years.
Call for a Will or a Probate Lawyer
If you are needing to create a will or want probate assistance, get in touch with The Fetty Firm. Rashelle Fetty has years of experience with family court. Give her firm a call at (214) 546-5746. Clients should also visit her will and probate pages to find out more about the process.