Advice on Avoiding Probate
Many people have heard of probate, and those who have heard of the word likely know that they want to avoid it. You also might be uncertain about why you should avoid probate, as well as what probate entails. Unfortunately, if probate is not properly anticipated, it can be unexpectedly costly as well as time-consuming. Here are some reasons why it can prove advantageous to create assets that bypass probate as well as the downside of what the process entails. What Probate Means Probate is the legal process that occurs after someone passes away. Overseen by a court, probate is a multi-step process. The probate process involves establishing in court that a deceased person’s will is valid and then identifying and inventorying the deceased person’s property. Subsequently, property is assessed to determine its value. Afterward, any outstanding debts or taxes are paid off. Lastly, the remaining assets in the deceased person’s estate will be distributed either according to the terms of a will or according to state law if no will exists or a will has not been established as valid. The probate process involves a substantial amount of paperwork as well as the appearances of lawyers. The purpose of [...]