One of the most common reasons for people to initiate the estate planning process early on is to avoid the process of probate. Probate is a public matter and one that can have substantial time and expense for your loved ones after you pass away. Not having a will or other estate planning tools means that your estate will transfer into probate. Any person who has to administer a deceased loved one’s estate knows that it can take up to six months after someone passes away or even longer in the event there are contests and challenges that emerge.
Assets that are governed by contracts, such as certain bank accounts and life insurance are governed by applicable roles inside the contract, but there are other assets that are governed by probate law. The value of contracts like bank accounts, real estate transfers and life insurance is triggered by death, and these have significant value related to affordability and speed. The probate process, however, can be extremely lengthy and frustrating largely because the primary purpose of probate is to ensure communication and fairness.
There is a great deal of grief associated with the passing of a family member, which means that other family members may become extremely impatient during probate administration. However, estate administration going through the probate process usually takes at least six months. The six-month period is because of the many different elements of closing on a person’s estate that needs to occur as soon as possible after someone passes away. Each of these stages, however, can take some time.
For example, all debts must be paid, all paperwork must be obtained and properly filed, and if someone comes forward to challenge the validity of the will or the estate itself, this can lead to additional challenges on behalf of the loved ones who were anticipating that probate would be closed out as soon as possible.
If you would like to streamline the probate administration process by conducting appropriate estate planning well in advance with the support of a lawyer, an estate planning attorney can walk you through every phase of what to anticipate and can help you avoid some of the most common missteps.
A lawyer can tell you the best strategies to use to avoid probate so that your loved ones can move on sooner rather than later.