The advantages of avoiding probate are numerous. Explore your options today with the Millman Law Group.
When you plan your estate with an experienced lawyer by your side, you can take all possible steps to help your family avoid probate. Why do families wish to avoid probate when they can? Probate is a legal process that allows estate assets to be distributed to heirs and beneficiaries. However, you can avoid probate for some of your assets and avoid the time, expense, and conflict that can arise during probate. When you partner with your Millman Law Group attorney, we can help you understand the benefits of avoiding probate and precisely what you can do for your estate and heirs.
Save Time
Probate is a legal process that requires court hearings, estate reports, and potential agreements between heirs. How long it takes to complete probate depends on the details of the estate, including how many beneficiaries there are and whether disputes arise. On average, probate can take several months to several years to complete. During this time, assets are “stuck” in probate, and beneficiaries cannot receive and use them.
Save Money
Avoiding probate is often a wise choice if you merely want to save your heirs unnecessary expense. When you avoid probate, you can save money by:
- Saving on attorney and court fees
- Avoid more expensive executor fees
- Mitigating tax expenses whenever possible
As a legal process, many expenses are associated with each step of probate. When you reduce the need for probate, you also reduce the required costs.
Keep Estate Details Private
Probate filings are a part of the public record. This means that anyone can look up those records and find detailed information about the assets of your estate and what was passed down to your heirs. Families may want to keep their financial affairs private. When you use trusts and other estate planning tools rather than relying on a will that goes through probate, you can keep these details out of the public record.
Reduce Emotional Distress
A probate process that goes on for months or years can be emotionally distressing and exhausting for your loved ones. As long as probate goes on, they cannot move on from their grief of losing their beloved family member. Additionally, if probate prevents heirs from receiving their assets right away, this may lead to undue stress. If heirs rely on an inheritance to pay for school or are waiting to officially own a family home, the extended probate process can cause unnecessary hardship.
Avoiding probate can also reduce the estate administration responsibilities of your chosen personal representative or executor. This can be a demanding role and take a significant toll over time.
Distribute Assets Faster
Finally, many families avoid probate when possible so their heirs can receive their assets sooner. When you use a trust, those assets will not go through probate. This means beneficiaries will immediately access these assets when you pass away. You can even set up trusts so your beneficiaries can access these assets before your death.
If you set up joint ownership accounts, for example, owning a home with your spouse or sharing a checking account, those assets will automatically pass to the co-owner if one of the spouses passes away. The surviving spouse won’t have to wait to access or own their own home or finances.
If you want to learn more about avoiding probate, contact your lawyer at The Millman Law Group today.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.