Many people may not realize how simple it is to avoid probate if they engage in timely estate planning. Taking a few steps to sit down with an experienced attorney and assess which estate planning tool can be useful given one's situation can be one method to avoid the time consuming and energy draining process that is probate.
Under California law, probate is the process in which a deceased person's estate is legally transferred to heirs or beneficiaries. If the person left a will, a probate court determines if the will meets all the formal requirements and is valid, and an executor is in charge of settling affairs and distributing the estate. Without a will, the court appoints an administrator to track down heirs, settle affairs and distribute any remaining assets.
Wouldn't it be great if every process in life was quick and easy? While some things are, it's also very true that some processes can be lengthy and can try a person's patience. For those in the probate process, it can be a rude awakening when the process of transferring a person's property after death isn't as quick or easy as a person initially may have thought. There are ways to avoid aspects of the probate process in hopes of a speedier and less stressful resolution.
It goes without saying that it takes a lot of hard work and dedication to build financial security over one's lifetime. This includes making wise decisions financially to ensure a surplus in the end, rather than a deficit. When a loved one, like a parent, passes away, their estate may have to go through the probate process. However, there may be some reasons why a person in California would want to avoid probate.
The word probate just sounds formidable. Whether you have been toying with the idea of getting involved in the probate process or have concerns about the way a trust or estate is being handled, you may have heard the word 'probate' thrown around by those involved. So what is probate and how can it be avoided?
There seems to be two ways of the world today: quick and easy and long and complicated. When it comes to estate administration, avoiding litigation is preferable for most parties. However, avoiding probate isn't always an option. Why would a person want to avoid probate anyway?
Because the probate process can be costly and time consuming, most families generally wish to avoid the process. Because of this, it is helpful to be familiar with some methods available that may help families avoid probate. The overall estate planning and probate process is essential for estate planners and families to be familiar with.
The probate process can be costly and time consuming. As a result, family members and estate planners may want to be familiar with potential methods to avoid probate.