Does a Will Avoid Probate?
Even if you have a well-drafted will, your estate must go through the probate process. When most people think of probate, they probably imagine a knock-down, drag-out fight over the assets of someone who died without a will. Many people assume that having a will allows their estate to avoid probate, but that’s not true.
In many situations, having your estate plan depend solely on a will is not ideal. Regardless of how airtight your will is, your family will still need to navigate a roughly 6 to 12-month probate process and all its associated expenses, conflicts, and privacy concerns.
“The only sure surefire way to avoid probate is to have a trust in place – a simple will won’t be able to accomplish this.”
Does a Trust Avoid Probate?
It’s possible to avoid probate by establishing a trust. We recommend trust-based planning to the vast majority of our clients, as it can help prevent a variety of headaches for your loved ones.
A trust-based plan can ensure no one challenges your wishes and intentions for your estate, allowing you to accomplish so much more for your family and assets than you could with a will that must go through the chaotic probate process.
Remember to place newly acquired assets in your trust to keep your estate plan complete and avoid probate.
The Importance of Funding Your Trust Properly
A well-structured trust should have clear rules regarding who the beneficiaries are and who should administer it, but it’s also important to ensure the trust is properly funded. Different types of assets have different requirements. Your home and personal bank account should be in the trust’s name. However, if you own a business, the LLC units or corporate shares should be in the company’s name.
A will is what you may think you need, but that’s not what we’re going to do here. We’re going to do something that actually benefits your family.
What Happens if You Have No Estate Plan at All?
Without an estate plan, your assets must go through probate, one way or another. Thus, you really do, in fact, have a plan. It’s just not a very good one.
Many people die without a will. Every state has an intestacy process for distributing a deceased person’s assets and settling their debts through probate in the absence of a written will or estate plan. State intestacy laws designate who inherits an estate. Unfortunately, these inflexible, one-size-fits-all rules rarely reflect the wishes of most people.
While having a will is certainly better than going into probate with nothing, an estate must usually still go through the probate process even if there is a will. This leaves the estate open to contests and further expenses. However, a trust-based plan can sidestep probate, typically serving your estate better in the long run.
A will is what you may think you need, but that’s not what we’re going to do here. We’re going to do something that actually benefits your family.
Why Is It Important to Avoid the Probate Process?
Your family shouldn’t have to jump through hoops while grieving your loss. Using a trust can help you gift your possessions to your loved ones with minimal stress after your passing.
Some of the reasons to avoid probate include the following:
- It can last a long time. Even the simplest estates can take six months to a year to resolve through the probate process. If there’s no will or a significant dispute over assets, probate can drag on for years.
- It can be very expensive. In many states, probate costs a percentage of your estate. In addition, it comes with additional professional and legal fees that can increase in size the longer the process takes.
- It can violate your family’s privacy. Probate records are public, which can expose beneficiaries’ personal information and leave them vulnerable to scams.
- It can turn your loved ones against each other. Probate brings out the worst in people. The opportunity to contest a will can create divisive conflicts between family members over your assets.
We Take Care of Every Detail in Your Estate Planning
Some law firms will help you draft an estate plan and stop there. At Evans & Davis, we handle every aspect of the estate planning process, providing you with peace of mind that your family’s legacy and future are fully protected. We support our clients beyond just drafting documents, assisting with asset transfers, account funding, deeds, and more to ensure your trust is properly established and rock-solid.
For a seamless, start-to-finish estate planning experience with knowledgeable, specialized attorneys, contact us today to schedule a free consultation.
