If you are beginning the process of planning your estate, you may have encountered articles and other information about probate avoidance. However, you may not be entirely sure about why it is so important to avoid probate, and how your estate will benefit from this.
There are several reasons why you may want to consider avoiding probate. By adopting some simple strategies, it can be possible to do so effectively. The following are some of the most common reasons why estate planners often want to avoid probate.
Probate is expensive
In an ideal situation, you will want 100% of your estate to go to your intended beneficiaries. But when assets go through the probate process first, it means that a percentage of your assets will be taken to pay for the administrative fees.
Probate is public
If you consider yourself to be a private person, you probably won’t want your probate documents to be accessed by members of the public after you pass away. By doing what you can to avoid probate, you will be able to minimize the amount of information that can be accessed by the public.
Probate can take time
Probate can also be lengthy, causing unnecessary stress for your loved ones and delaying their inheritance. Therefore, by engaging in strategies to avoid probate, your loved ones will face a less strenuous process when gaining their inheritance.
There are many ways that you can ensure your assets avoid probate. Common ways to do this include creating jointly owned accounts and initiating trusts. If you want to create an estate plan that is tailored to your preferences, it’s never too early to start.