Probate can be avoided when:
- There is a valid living trust is in place.
- The assets are held in a payable-upon-death account with a named beneficiary
- examples include life insurance, retirement, and investment accounts
- The assets are worth less than $150,000 in value.
The probate process should be avoided whenever possible as it involves time delays, legal and other expenses, and a loss of control over administration of assets. The process is confusing and can be overwhelming with extensive documentation and filing requirements.
The best way to avoid the probate process is to have a living trust in place long before you expect to need it.
Otherwise Probate is required.
When probate is required securing legal guidance is the best way to simplify and streamline the process for everyone involved.
Without going through the probate process, you (as an heir or beneficiary) cannot take legal ownership of most assets left by the deceased. In order to gain legal ownership (title, deed, etc…) probate is required whether a will exists or not.
Note: A “will” ensures that your assets are passed to your heirs according to your wishes, it does however require probate.
Book an appointment to discuss your probate needs, or estate planning needs.