The process of probate refers to settling the debts and transferring assets that an individual owns to their heirs named in the will once they are deceased. Although it is possible never to have to go through probate if the asset transfer is clearly planned out, more often than not probate is a necessary step in passing the assets to heirs. While the purpose of probate is to ensure justice in the process of asset division and transference, it can still be a source of stress, and unnecessary delays can be avoided if you keep some of these common pitfalls in mind.
Lack of a Comprehensive Estate Plan
For anyone who has a solid estate, it is considered ideal and even responsible to have an estate plan prepared beforehand. An estate plan can be prepared by getting in touch with a lawyer and clearly outlining all of your assets and properties in it, as well as who they will be passed on to upon the death of an individual. While you can execute this with the help of your general counsel, it is usually best to hire a probate lawyer to take care of such matters, as they are experts in the field. Without an estate plan, the intestacy laws override any implied wishes of the deceased, and the state laws decide on the division of assets among the successors. It is also important to ensure that the will completely reflects all assets to date and is relatively recent; otherwise, it can be easily subjected to probate challenges.
Updated beneficiary Designations
When it comes to estate planning, property is not the only thing that passes on. Bank accounts, insurance funds, and retirement plans also fall into the same category. The caveat, however, is that in case of any discrepancies in the names of the beneficiaries on these plans or accounts and the will, this can easily create a cause of action to sue, although in most cases, the beneficiary designation supersedes the will. In case the beneficiary named is dead before the asset is inherited, the probate process may be initiated without the contingent beneficiary. The surest thing to do to prevent this eventuality is merely to ensure that your will and beneficiary designation remain in harmony and good order.
Pick the Right Executor
Choosing the right executor demands care. Ideally, you’re looking for somebody responsible, loyal, and with a great sense of justice, along with the right skill set for the job. It is an executor’s job to take care of the assets interim, divide them according to the will or probate laws, return any debts and pay the taxes in the meantime, and file the case with the probate court. It is natural to pick a close family member to play the role but bear in mind that the process of asset division just in the wake of a death can cause serious mental and emotional implications. Ideally, pick somebody with a strong acumen for finances, as well as level-headed and with a strong sense of justice, to execute this role.
Taking Your Local Probate Laws into Account
It is always important to ensure that your lawyer or executor is well conversant with the local probate laws since they may differ across the states. This implies that you must be sure that you are filing the probate within the deadlines since failure to do so may lead to fines, unwarranted delays, and thus, extra stress. Make sure you have all the documents prepared when you file for probate, which are required according to the local laws in your state. This is where the probate attorney comes in really handy, and you would be wise to hire one to take care of such matters.
Bypassing Probate Altogether
It is possible not to have your successors go through probate at all, and there are a few ways of going about it. A living trust can be set up in the name of a beneficiary, which can allow them to assume ownership upon the death automatically. Another way to go about it is to have joint ownership of the asset, in which case the ownership automatically transfers to the survivor. But one aspect to keep in mind is that nearly all of these processes require maintenance, including managing the estate plan and the living trust.
Conclusion
While it is possible to prevent having to go through probate at all through careful planning, no matter what route you choose, it would require careful planning and getting in touch with your lawyer on a regular basis to ascertain there are no discrepancies in the record and no ambiguities that can lead to your will being challenged in the court. Preparation is key to preventing legal fallouts.
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