How to Avoid Probate
In planning one’s estate, many people ask how they can avoid probate. A better question to ask when estate planning is: Should I avoid probate?
The probate process used to be a hassle – long, overbearing and cumbersome. Wills could easily be thrown out or contested by the courts.
That process has become streamlined, and wills are generally accepted by Probate Court with little or no oversight in most cases.
The Pros and Cons of Avoiding Probate
In evaluating whether or not to avoid probate, you should look at the pros and cons of your case. Two of the main reasons why many people want to avoid probate are:
- Probate can delay the process of administering property to heirs
- Probate includes court and attorney fees which can deplete the estate value
Although there can be some seemingly negative aspects to going through the probate process, it can also add some much needed protection for your heirs.
Probate Can Help Protect Your Assets
If there is any debt after one’s death, creditors can make claims for up to two years for money owed by the decedent. This means that assets distributed to heirs can potentially be seized by creditors to cover debt – even after it is inherited – for up to two years after death.
In addition, if an heir is not fully insured and they are involved in an auto accident or negligence case, they can potentially lose the value of assets inherited from the decedent.
Plan Your Estate
If you are debating whether or not to avoid probate, it is important to think about your best wishes and protecting your family and/or beneficiaries. Going through the probate process can help protect your assets and your beneficiaries.
Each estate planning case is different, and our experienced probate attorneys in Michigan can answer any question you may have regarding your situation. Contact us online or call us today at (734) 397-4540 to set up a free probate lawyer consultation today.