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What is Probate? Should Probate be Avoided?

January 16, 2020

Filed under: Estate Planning — Raymund Rasco @ 5:12 pm

What is Probate? How do I avoid probate? Should I even TRY to avoid it?

(If you haven’t checked out the Link to the video in this e-mail-it may be worth watching if for no other reason than you get to see me 20 pounds heavier. It’s the second most-watched video on our channel (12,000 views baby!), And I’m pretty sure only a third of that was me playing it on repeat.🙂) 

In short, probate is the act of going to court to appoint a person (executor) to distribute assets, notify next of kin, and possibly file estate taxes for assets owned by a deceased person.

So now you’re probably thinking: ‘what’s so bad about that?’

Well, as I mentioned, that was just the ‘short’ of it.

The process could get complicated based on the laws of the state you live in and how many ‘hoops’ the executor may have to jump to through to fulfill the last wishes of the deceased. Another concerning factor could be that the probate process is public record, so anyone has access to the information.

So, what’s the other option you ask? The answer is <drumroll>: PLANNING. Not all assets go through probate, probate avoidance is not/should not be everybody’s goal.

To determine whether or not probate could be cumbersome to your situation, and how to ease or avoid the toll on your loved ones charged with fulfilling your last wishes feel free to contact us.

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