One of the most common concerns during estate planning is avoidance of the probate process. Many people believe that the probate process necessarily has to be long and arduous, and likewise believe that a will is all that is required to avoid it. Both of these common myths are untrue. There are a relatively small number of ways available to avoid the probate process, and in many cases these options will either not apply or not be acceptable..

What is Probate?

In essence, probate is the way that the court system is able to confirm that a decedent's assets and liabilities are properly handled following death. Although the probate process varies from state to state and can sometimes be complex, the general details are usually the same. During the probate process, an executor (referred to as an administrator if there is no will), is charged with ensuring that assets are properly distributed and that the estate covers all existing liabilities. The distribution of property will proceed according to either the will if one exists or according to state law if one does not.

Why Isn't a Will Enough?

Even if a will exists, it is still necessary to ensure that inheritors receive property as specified within it. Additionally, many people leave behind assets that may not be included in their wills, adding additional wrinkles to the process. Handing these issues is the job of the executor and the reason that it is so important that one be specified in the will. The role of executor is so vital to the process, in fact, that the court will name one if the will does not.

Note that the probate process is also intended to benefit creditors. The time requirement varies from state to state, but most probate cases must stay open for a minimum period of time. This delay gives creditors time to come forward and make claims on the estate's assets. If there is any dispute over the validity of these claims, they are handled during the probate process. This is one of the primary reasons why, even with a will, assets cannot be immediately distributed to inheritors.

Can Probate Be Avoided?

It is possible to avoid the probate process for certain assets, although probate will always be required for assets which are not covered under these cases. The most common assets which do not pass through probate court are life insurance policies or other accounts where a specific individual can be designated as the beneficiary. In these cases, the asset is simply transferred directly to the beneficiary. Likewise, joint accounts can usually be passed on to the other joint owner without a need for probate. Some people also choose to use living trusts, although this is a more extreme and complicated form of probate avoidance and much less common.

The best way to ensure that your assets are passed on according to your wishes is to meet with a qualified attorney to assist you in planning your estate. If you are the executor of an estate and you are unsure of your responsibilities or how to proceed through the probate process, then meeting with a probate attorney is a great way to save yourself the time and trouble of navigating the process on your own.

Visit a site like https://www.rmstoneattorney.com/ to learn more.