Avoiding probate is always recommended by estate planning attorneys. Depending on how you talk to, probate court is either sunshine, lollipops and rainbows or a hellish nightmare. The fact of the matter probate court can be avoided altogether depending on two factors: how well you prepare your affairs before your passing (or if you are a beneficiary, how well the person who passed prepared) and the size of the estate. There are several major benefits to avoiding probate because in the event that your loved ones have to go to probate court the following could happen to them:
No Access To Cash
If your estate isn’t in order your loved ones will not have any access to your assets until the probate court gets things settled. This process could take months to even years. This means that your loved ones are stuck footing the bill for your funeral, property fees, taxes, insurance fees, storage fees etc until the probate court makes its ruling. Family members will also not be allowed to touch any cash that within bank accounts if they are not in a joint checking account. This could cause a huge burden when a two income household suddenly drops to a one income household. By avoiding probate your family can have access to your assets immediately.
Dealing With Third Parties
When you go to the probate court, the judge rules on every single decision that has to be made from selling the dead person’s business to selling real estate and even not accepting certain property. By avoiding probate your loved ones can figure out together what is best for your property after your death.
How To Avoid Probate
As previously mentioned the key to avoiding probate is to speak with an estate planning attorney and making sure all your financial affairs are in order.