We all want to be able to leave behind a legacy to those who survive us. Estate planning is essential to this process, providing a clear picture of who will inherit what in the event of death and ensuring beneficiaries receive as much of the estate as possible. Read on to learn how estate planning can help you avoid probate.
Passing on an estate brings with it a number of costs. But with the right plan in place, you can minimize cost, hassle, and how long it takes for your family to receive their inheritance. Often times, you can avoid probate altogether.
What is Probate and How Long Does It Take?
Probate is simply the legal process to transfer a person’s assets to his or her family members upon such person’s death. If there is a will, the probate court also confirms the validity of the will and appoints an executor to administer it. The whole process typically takes six months to three years. Court fees are often as high as ten percent of the total estate.
Can You Avoid Probate?
The simplest way to avoid probate is by using a revocable living trust—an alternative to a will. Placing your assets and property “in trust” (under the management of a trustee) keeps them out of probate, so the probate court, and the costs associated with it, never have to be involved.
Whether you’re looking to establish a living trust or need to create or update your will, the estate planning attorneys at Bolt Hoffer Boyd Law Firm can help. Contact us today.