On the surface, probate sounds like an expensive, complex process. However, it’s actually a common procedure, and it’s the only way to formally pass some assets from a decedent to his or her beneficiaries. The need for probate depends on state law as well as the asset types and ownership.
Wills and Probate
Most people believe that wills and probate are inextricably linked. If someone dies and has a will, an Estate Planning Lawyer on Bainbridge Island can ensure the provisions of the will are followed during the probate process. However, probate can also occur if someone dies intestate (without a will) and his or her property must be distributed under state laws of inheritance. If a person owned an account with a named beneficiary and that person passed away first, the account must go through probate so its proceeds can go to the correct beneficiary.
Skipping Probate
Some asset owners don’t wish to probate their wills. There’s no law that says property and wills must be probated, but if the property wasn’t arranged in a way that avoids probate, the beneficiaries can’t obtain ownership without it. In some areas, limited exceptions allow families to own property in a decedent’s name as long as they don’t sell it and taxes are paid.
Bigger Isn’t Always Better
Most jurisdictions recognize that probate can be time-consuming and costly. Therefore, small estates can usually go through a simplified probate process that doesn’t require the hiring of an Estate Planning Lawyer on Bainbridge Island. Small estate probate makes the process accessible to more families and it encourages more people to write wills.
Avoiding Probate
With careful planning and an attorney’s help, it’s possible to avoid probate. This strategy is desirable because it reduces estate taxes and legal fees that can erode a sizable estate. Probate avoidance can protect a person’s privacy because some records may be kept out of the public eye. Consult an estate planning or probate lawyer to learn how a revocable living trust can keep an estate out of probate. Most families will eventually have to deal with probate regardless of whether a will was created but, in most instances, the process is inexpensive and simple.
