Probate is the court-supervised process of validating a will, paying off taxes and debts, and distributing assets to beneficiaries. It may sound straightforward, but it’s not always the case. Probate proceedings can be expensive and take months or even years to complete. It is also a public process, meaning anyone can see the details of your estate. But probate has advantages, such as ending proceedings with finality.
Fortunately, your loved ones do not have to endure such challenges when you pass away. It is possibly to bypass probate entirely and ensure your assets are transferred quickly, privately and efficiently.
Key estate planning tools to avoid probate
One of the ways you can bypass probate is by creating a revocable living trust. Unlike a will, a living trust holds your assets while you’re alive and transfers them to the designated beneficiaries upon your passing without the need for probate. The beauty of revocable trusts is their flexibility; you can change or revoke the terms at any time during your lifetime as long as you’re mentally competent. But they are not necessarily a preferred tool for estate planning in Pennsylvania.
Naming beneficiaries on assets like insurance policies, retirement accounts and bank accounts with payable-on-death or transfer-on-death designations can also avoid probate. These assets go directly to the person you designate when the time comes without the need for a court process.
Holding property jointly with rights of survivorship can help keep real estate and other property out of probate. When you pass away, the surviving owner automatically inherits the property.
Keep your will updated
An outdated estate plan, or an unfunded living trust, can cause just as much trouble as having no plan at all. As such, you should review your estate documents regularly. Marriage, divorce, the birth of a child or the acquisition of new assets are all reasons to revisit your plan. You do not want to leave any assets out as they could be subject to probate or make mistakes that might lead to disputes among your loved ones.
Seek qualified guidance
An experienced estate planning attorney can help you navigate the legal intricacies while ensuring your plan is airtight and tailored to your unique circumstances. Don’t take risky chances by doing everything alone. Reach out to our offices today to get started on creating a comprehensive estate plan and securing your legacy.