Probate is a court process where a Judge is involved in determining what the decedent owned at their death, who the proper beneficiaries are that stand to inherit the decedent’s assets and getting these assets from the decedent’s estate to these beneficiaries.
This is a simplified definition and unfortunately the probate process isn’t always so simple. A probate case can take 6 to 12 months before it is resolved. During this time frame a lot can take place such as the decedents creditors filing claims in which they said that their debts are satisfied. Other issues that may arise involve the loss of assets, such as decedent’s home or business. Often time it takes money to continue a business or maintain a home and the beneficiaries are always equipped to make such payments during the 6 to 12 month probate process.
It is possible to avoid probate by simply adding beneficiaries to your accounts or investments, considering transfer on death or pay death designation or even adding individuals jointly to real property. Yet, one should take extreme caution when using this approach as their main planning method. If you add someone to your deed, you may lose the full homestead exemption or open yourself up to the other individual’s creditors. Or if you are listing beneficiaries on your accounts, then your assets may be blown by an irresponsible beneficiary after your death or end up being managed by someone you don’t like if you list a minor as the beneficiary.
We understand that the loss of someone you care for is both difficult and emotional. The last thing in the world that you should be focused on is how to handle the legal affairs, so please leave that to us. We are here to help you every step of the way, to simplify the probate process and help you move forward in life. Call today to schedule your consultation and allow us to be there for you.
The Legacy Law Firm
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