Benefits of Avoiding Probate Through Estate Planning
If a loved one close to you has died, you may already know that probate can be a lengthy and exhausting process. Yet in order for any assets left through a will to be distributed to their intended beneficiaries, probate must occur. Probate is the court process through which the validity of a will is proven or the will is authenticated, and it also involves the overall administration of the deceased person’s estate. During probate, the executor will identify the deceased assets, pay any debts or taxes from the estate, and will distribute assets to parties according to the terms of the will before the estate is closed.
There are many benefits to avoiding probate for the transfer of certain assets, even if you cannot avoid probate entirely. Consider the following from our New Jersey estate planning attorneys.
Allow Your Beneficiaries to Receive Assets Sooner
By taking steps to avoid probate, you can allow your beneficiaries to receive certain assets sooner. For example, by placing assets in a trust or naming beneficiaries on insurance plans or as payable-on-death beneficiaries, your loved ones can have those assets transferred to them directly and quickly without those assets needing to be probated.
Keep Overall Costs Down
The probate process can be long, taking many months or longer depending on the estate. If you decide to transfer most or all assets via means other than through a will, you can also keep costs down (recognizing the costs of a lengthy probate process).
Give Your Loved Ones a Way of Avoiding the Stress of the Probate Process
The probate process can vary in the amount of time it takes, and the emotional exhaustion associated with it, depending on the details of the estate. If you know that your loved ones are likely to be impacted by the emotional costs of probate, and you know that they have busy lives that will result in probate adding one more stressful thing onto their already-full plates, you can give them a way of avoiding this added stress.
There are many different ways you may be able to avoid probate, and you should discuss options with your lawyer that are based on the details of your assets. Setting up a trust may be best for you and for your beneficiaries, but simply creating beneficiary designations for certain bank accounts can also be useful. There are also other options for avoiding probate that your attorney can discuss with you in more detail.
Contact a Summit, New Jersey Estate Planning Attorney
Taking steps to prevent certain assets from having to go through probate is important for many people in New Jersey, especially when they want to make sure that their loved ones receive assets quickly and without any complications. In order to avoid probate, it is important to discuss your specific assets, and your plans for those assets, with one of the experienced Summit estate planning lawyers at Dempsey, Dempsey & Sheehan. We can speak with you today about your property and your estate planning needs, and the best options for avoiding probate.
Source:
law.justia.com/codes/new-jersey/title-3b/
