"How do I avoid probate?" "Why should I avoid probate?"
I get asked questions like this all the time. Many people have heard that avoiding probate is a good thing, but they aren't sure how and why.
The how is relatively easy...create a Trust based estate plan. By having a properly funded trust, your estate will not require a probate.
The why varies from person to person. Some the most common and compelling reasons are:
- A trust keeps everything private. If your estate requires a probate, everything filed with the court is a public record.
- There is rarely need for court involvement during the administration of a trust. This simplifies the process by not having to make court filings and making sure that you are meeting all of the court's requirements.
- Cost. While not exorbitant, there are filing fees to open and close a probate. Further, due to the number of notice and filing required a probate usually requires more attorney hours.
So now that you know the why and how of avoiding probate the next step is to get your estate plan started.
If you'd like to find out what plan is right for you, or you have any estate plan related questions, schedule a complimentary estate plan Strategy Session.