If you spent any amount of time researching your estate planning, you have probably come across the concept that most people engage in estate planning with at least a secondary goal of avoiding the probate process.
Although many people have heard this general advice that it’s a good idea to avoid probate court, you might not necessarily understand why. However, there are two primary reasons why you may wish to avoid probate at all. First of all, it tends to be expensive. Up to 5% of an estate’s value can be swallowed up in attorney and court fees associated with managing probate. This means less money left behind for your beneficiaries. Secondly, your property can be tied up for months or even more than a year.
Most of what happens during the probate process is largely clerical. In the majority of situations, this means that there are no contesting parties or no conflict. It usually makes sense to see if you can avoid the probate process altogether. At the very least, set up a meeting with an experienced estate planning attorney today to learn more about how you can minimize the amount of property that will ultimately be subjected to probate. This can help give you some peace of mind about the future and also gives your loved ones some confidence that they will not have to go through this time consuming process in the future.
A trust is a great way to get started with meaningful estate planning. Contact a Pasadena estate planning attorney for more help.