Are You Familiar With Probate?

Many people live their lives blissfully unaware of probate until they lose someone close to them.

Probate can feel like adding insult to injury after you lose a loved one. Who wants to go through a stringent legal process while they are trying to grieve?

The good news is, there are things you can do now that will benefit your family after you are gone. With proper estate planning and preparedness, you can make probate not only an easier process for your family but also cheaper and quicker.

Kendal Law Group PC is here to guide you through the process of an efficient probate process that has minimal impact on your loved ones.

What Is Probate?

Probate is the legal process of determining what happens to a person’s estate after they pass away. During probate, the decedent’s assets will be collected and inventoried, debts and taxes owed on the estate will be paid, and the remaining assets and property will be distributed to the beneficiaries of the estate.

Everyone’s estate will go through probate, with or without a will. The process will look slightly different depending on whether or not the decedent had a will.

Dying With a Will

When you die with a will, probate validates it, ensuring it is not fraudulent or forged and that you were not subject to undue influence.

The court will examine your will to find out who you named as your executor, the person who will represent your estate through probate proceedings. You can name anyone you trust to act as your executor, but most people name their spouse or another trusted family member.

When you create a will, you often take inventory of your assets, making it easier for your executor to locate your assets. Your executor will pay any debts owed by your estate and then distribute the remaining assets to your beneficiaries.

Dying Without a Will

When someone dies without a will, they have died intestate. Dying without a will complicates and extends the probate proceedings.

If you die intestate, the court will choose someone to act as your executor, often following the laws of succession. This means if you are married and die intestate, your spouse will likely take up the mantle of executor. No one can be forced to act as executor of your estate, and the courts will follow the line of succession until someone fit to act as executor agrees to do so.

Because you do not have a will, your executor will be tasked with tracking down and inventorying your assets and property, a process that can be lengthy and expensive. They will need to pay your debts to any creditors and taxes owed on your estate. Failing to do so can result in costly legal proceedings when creditors come to collect.

Once debts are settled, your estate will be divided and distributed according to succession laws. If you die intestate, only your immediate family, that is, your spouse, children, and close blood relatives, receive anything from your estate. Charities, friends, and unmarried partners will receive nothing.

Dying intestate lengthens the probate process, making it more expensive and more stressful for all involved.

How Can You Minimize Delays and Costs in Probate?

As you can see, the most effective way to minimize the impact of probate is by creating a will that will guide your executor, friends, and family on how you would like your assets distributed after you die.

You may wish to take additional steps to further minimize the impact of probate and give your family and friends the time they need to mourn after you are gone.

Trusts

Trusts are an amazing tool that you can use to make the probate process quicker, more affordable, more private, and in most cases, avoided entirely. Probate is a public process, while trusts are private. Trusts allow you to create a legal entity to which you transfer assets. You can outline how the trust is to be managed, how the assets will be distributed, and who is able to receive assets from the trust.

There are many types of trusts with a wide range of uses.

Gifts

You can gift assets and property before you die, allowing you to skirt the probate process and maintain privacy. However, care must be taken so that gift taxes are not triggered, or the gift taxes are intentionally accounted for with proper planning.

Transfer-on-Death Deeds and Registrations

A transfer-on-death mechanism takes effect upon your death, allowing you to manage and use the assets however you’d like while you are alive.

This is particularly useful for transferring real estate. It allows you to use and benefit from the property and then automatically transfers it to a new owner when you pass away.

Do You Need an Estate Planning Lawyer?

If you don’t work with an estate planning lawyer now, your family may have to hire a probate lawyer after you are gone.

Estate planning is a useful tool for all people from all walks of, regardless of wealth or age. It allows you to outline how you would like your estate to be managed and distributed after you are gone.

Call 248-609-1718 to schedule your obligation-free consultation with Kendal Law Group PC. Working with an attorney on the many facets of estate planning can be beneficial. Having a person who knows and understands you and your family dynamic means you have a professional who will call you first when your circumstances change.

Minimize the impact of probate, call Kendal Law Group PC today, and plan for the future of your family.