Probate law is a law instituted to administer the process of estate distribution after the owner of the estate is dead. This law provides for a court process to be enjoined where the administration of an estate is taken up by a probate court and the process of scrutinizing the will, costing the estate, payment of debts and the division of the estate to the next of kin, etc is seconded to a court appointed estate trustee. This lengthy process is entrenched in the law and as such, many persons find themselves being dragged through this court process on the demise of the estate owner with some ending up wondering whether it is worth all the hassle.
What Are the Advantages and Disadvantages of Probate?
To this end, there then occurs the obvious pros and cons of the probate process or having ones property undergo probate. Getting at the advantages is an effort because from the out set this process seems quite arduous and complicated, not to mention expensive. Nevertheless, some advantages include having a veritable law court and court appointee handle the process of transfer of property and assets. Second is the public record of these proceedings. Last is the use of the law court as an avenue of arbitration in the event that there is fallout as far as division of the property is concerned. The disadvantages on the other hand are solid and obvious. Probate drags the beneficiaries through a seven to twelve month process that consumes close to eight percent of the estate’s value. Second, probate is a public process, and as such denies the beneficiaries the privacy and confidentiality of handling this very private matter, in private.
How to Avoid Probate
Bearing all this in mind, it is essential then, it would be presumed, to avoid ones estate undergoing probate. There are a couple of legal ways to do this but the best and most practical would be through the formation of a trust. One then subsequently transfers all ones estate to the trust to hold this estate in lieu of the owner of the estate. In short, the trust is the one that ‘owns’ the estate and in the event that the owner of the estate dies, then the trust continues to hold the estate with only the person administrating that trust changing, a function provided for in the administration functions of the trust.
Contact a Professional Probate Lawyer
Avoiding probate is something one should do for the sake of those left behind, and to do so, a probate lawyer should be contacted to assist in the determination of the best avenue to avoid probate. The probate lawyer shall in addition provide other resources necessary in determining the composition of ones legacy documentation.
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