Did you know that having a will doesn’t mean your family can skip probate automatically? Many people still assume that a will is enough to keep things simple but it’s not a straightforward process like that. Legally, the court verifies the will document, settles debts, and distributes assets. This process can take months or years and can be costly beyond your expectations.
Some proactive steps can minimize or avoid probate but you must understand how it works to save your loved ones time, money, and stress. Fales Law Group can provide excellent options and legal services to avoid probate. Contact us today and secure your hard-earned assets.
In this article, we’ll explore 7 surprising truths about wills and probate so you can make informed decisions for your future.
7 Surprising Truths About Will and Probation
A will can avoid probate in some situations. Here are 7 essential facts to determine does a will avoid probate:
1. A Will Does Not Automatically Avoid Probate
Your Will decides who gets your assets, who will handle your estate, and who will care for your minor children. However, having a will doesn’t mean your estate automatically skips probate. The court needs to verify that the will is valid. Also, creditors and taxes must be paid before heirs can receive their inheritance. The court can settle disputes if family members disagree over the will.
You can avoid probate only in specific situations. Named beneficiaries or jointly owned assets can be transferred automatically. Some states allow small estates to skip formal probate with a simple affidavit. That’s why without additional steps simply writing a will isn’t enough to avoid probate.
2. Revocable Living Trust Can Help Avoid Probate
A revocable living trust can transfer assets directly to your beneficiaries without court interference. Assets in a trust skip probate entirely. A trust remains private and never becomes a public record. However, your trustee can manage your assets without needing court approval if you become incapacitated.
People with valuable property like homes, investments, and businesses can set up trusts. Moreover, families with minor children or special needs beneficiaries prefer trusts for long-term financial management.
3. Probate Can Contest a Will
Sometimes, a will challenge can delay probate for years and rack up expensive legal fees. The court may invalidate the will, leaving the estate to be distributed under state intestacy laws. You can consider a trust instead of just a will, as trusts are harder to challenge. There are several reasons probate can contest a will. Here are these:
- Someone claims the will was written under undue influence or pressure
- There are questions about the testator’s mental capacity at the time of signing
- Accusations of fraud or forgery arise
4. Proper Planning Can Minimize or Avoid Probate
Avoiding probate brings less stress, lower costs, and a faster transfer of assets to your loved ones. You can use some simple steps to reduce or skip probate. Here are these:
- Set up a revocable living trust to hold your assets
- Use joint ownership for property and financial accounts
- Name beneficiaries on all life insurance policies, bank accounts, and retirement funds
- Keep your estate plan updated as life circumstances change
5. Probate Can Be Lengthy and Costly
Probates can drag on for years depending on the complexity of your estate. Here’s how is it possible:
- Your property in multiple states may have its probate process.
- Missing or outdated documents can create legal hurdles.
- Family disputes over the will can lead to court battles.
In addition, the court fees can range from 3-7% depending on the state of your assets. Some other expenses are:
- Attorney fees
- Executor fees
- Accounting and appraisal costs
In this way, probate fees reduce the amount of money your heirs receive. Your loved ones may have to wait a long time before they can access the inheritance. To avoid this, you can set up a trust to hold your assets, and name beneficiaries on bank accounts, life insurance, and retirement funds.
6. Particular Assets Can Bypass Probate
Some assets automatically transfer to beneficiaries without court involvement. Here are these:
- Jointly owned property with rights of survivorship
- Life insurance policies and retirement accounts with named beneficiaries
- Payable-on-death (POD) and transfer-on-death (TOD) accounts
- Trust-held assets or assets already assigned to beneficiaries
7. Small Estates Qualify for Simplified Probate
In the US, some states’ laws offer simplified probate or allow heirs to skip probate entirely. The size limit for a “small estate” varies by state, usually from $10,000 to $100,000. So, heirs can file a simple affidavit instead of going through full probate.
For this facility, you can check your state’s small estate threshold to see if your assets could qualify. Additionally, you can give some assets to your family members while you’re alive to reduce the size of your estate.
Avoid Probate With Professionals Effortlessly
A will doesn’t automatically avoid probate. Your loved ones can face delays, costs, and legal hassles without proper planning. To avoid probate, trusts, beneficiary designations, and joint ownership can simplify the process. You can start planning early to protect your family and ensure a smooth transfer of your assets.
Fales Law Group brings peace of mind with reliable legal services to avoid probate issues. Your loved ones can enjoy their lives more comfortably with our professional help. Our experienced attorney guides you through the process with strategic advice. Schedule a free consultation today to bring unmatched confidence in your decisions.
