Avoiding Probate… but what’s that?
Nobody likes to think about death. But as much as we’d love to live forever, we’ll be gone one day – it’s unavoidable.
The last thing many of us leave behind in this world is our estate.
It seems straightforward if you have a last will and testament;
- your spouse gets your house and most of your investments
- the kids split some of the other assets and get some sentimental tokens
- your niece gets that second car
… and so on.
But believe it or not, sometimes a will is not enough. Occasionally the court will need to step in, validate the will, and the executor will disperse the assets to the heirs. This is called probate.
Probate is expensive and time-consuming. It can take months to years to finalize an estate. With careful planning, though, you can avoid most of the pitfalls that are associated with probate.
The simple reason you want to avoid probate is that it ultimately leaves less money for your heirs — likely loved ones and charities.
Consider setting up a revocable living trust fund for your heirs. Assets held in trusts typically are not subject to probate.
Also, if you own real estate, it may be a good idea to have your heirs as joint tenants with rights of survivorship. By doing this, your property stays out of probate and in the hands of the rightful beneficiary.
Lastly, consider making gifts of your current assets and dispensing them while you’re living. This eliminates probate, and your heirs or charities can benefit immediately, often while you are around to watch them enjoy it.
If you have questions about the impact of probate on your family members or your assets, you’re not alone. Thankfully we have the answers. Contact us at (330) 836 7800 ext.1 for a complimentary 15-minute consultation, or reserve a spot using our online scheduler.
