When someone passes away, their loved ones often endure a number of hardships, from emotional pain to financial uncertainty. Setting up an estate plan helps people account for these challenges and minimize the impact of their death. However, estate-related issues are common and often generate a lot of anxiety.
For many families, the probate process is draining (not only in terms of time but money and emotions as well). In this post, we will look into some of the reasons why probate is often complex and strategies to avoid probate.
The impact of probate
For starters, it is important to look at the financial impact of the probate process. Probate costs are often significant, especially if someone challenges the probate process. For families already struggling with financial uncertainty after their loved one passes away, this is often devastating. Moreover, probate often takes months and lasts longer than a year in some instances. Aside from these difficulties, there is no privacy when it comes to probate and the details are part of the public record.
Fortunately, there are strategies to avoid probate. Some people name beneficiaries on their retirement accounts and setting up a trust is often a great way to bypass the probate process altogether. Passing down property before one’s death is also a possibility in some instances. Ultimately, it is imperative to carefully examine all of your options and ensure that the appropriate decision is made. Our law firm addresses many other estate planning topics, feel free to explore our blog and do not hesitate to find answers to questions that you have.