Estate planning is an important part of planning for the future. Without a suitable plan in place, your loved ones may face a substantial number of obstacles as your assets are redistributed amongst your beneficiaries. One major obstacle they may face is the probate process, which is known for being notoriously lengthy, expensive, and stressful. Continue reading to learn more about why you should avoid the probate process.
Avoiding the Probate Process
Your family will have a lot to cope with in the aftermath of your passing, so sparing them the trouble of enduring a difficult probate process is one of the best things you can do for them.
Here are the 3 main reasons why the probate process should be avoided:
- It can take a lot of time before your loved ones receive cash and other assets you wish to leave behind for them. Unfortunately, this means they will be left with the bill for your final expenses if your estate goes through the probate process. If your family does not have any immediate access to cash, they may find themselves struggling to meet their basic needs and living expenses.
- When all is said and done, the probate process can be incredibly expensive. In addition to attorney fees, your family will also have to pay court filing fees and probate fees, which will come out of your estate. Ultimately, this will result in fewer assets for your beneficiaries.
- Moreover, probate records are also public records, which means all the information regarding your assets, beneficiaries, and liabilities will be accessible to anyone who wants to find out. If you wish to keep these matters private, it is crucial to plan appropriately and ensure your estate does not go through the probate process.
Your loved one will have a lot to deal with in your absence, so it is important to do what you can for them now to make the future easier.
Speak to an Experienced Estate Planning Attorney Today!
Effective estate planning is crucial for those who wish to keep their family out of probate court in the aftermath of their passing. At Drexler Law, our estate planning team can provide the advice and guidance you need to create an estate plan that protects your interests and ensures your wishes are respected.
Reach out to our law office today at (719) 259-0050 to set up a case review to get started on creating an estate plan.