After you pass away, your estate will most likely go through a process known as probate. This estate administration process can be time-consuming, very involved for the executor appointed to handle these matters, and costly. It can also be frustrating for your heirs. The good news is that you can usually avoid probate with some advance planning.
Far too many people lose money every single year for court fees and attorney costs associated with dealing with probate proceeding. Millions of dollars are spent annually and some of this money could have been saved if people had engaged in appropriate estate planning processes. Probate is the formal process for proving your will, determining your assets, paying off creditors and debtors claims and then distributing any remaining property to your heirs.
This usually happens in the probate court located in the county in which the loved one lived at the time they passed away. If no estate plan was present then state laws determine how that property is distributed. However, even when a person passes away with a will, courts must allow others who have a vested interest and proof of validity concerns to come forward to contest the will if applicable.
Ways to Avoid Probate
There are many different ways that you can avoid or simplify probate, including transferring property to a trust, making tax free gifts during your lifetime, creating payable on death registrations for certain accounts, reviewing beneficiary designations on life insurance and retirement planning accounts, and using joint ownership.
Contact a Boston Probate Lawyer
Which of these strategies you use will depend on your personal goals and it is strongly recommended that you work directly with a probate services attorney who is familiar with these issues and can help you address most of your common concerns. Do not hesitate to consult with a qualified attorney today.
