When is Avoiding Probate Especially Important?
Avoiding probate can be beneficial for many people who want to ensure that their loved ones are able to receive an inheritance without the stress and cost associated with the probate process. However, there are certain circumstances where it can be especially essential for you to make plans in advance to ensure that your loved ones will not need to go through probate proceedings after you are gone.
Zimmer Law Firm can help you to determine if you should an estate plan that focuses on avoiding probate. We can provide guidance on the steps that you should take to make your plans and can work with you to implement the plan using the most effective legal tools possible for your specific situation. To find out more about how our firm can help you with the process of avoiding probate, give us a call today.
When is Avoiding Probate Especially Important
Avoiding probate can be especially important if:
- Your heirs or beneficiaries will need to receive an inheritance quickly. The probate process takes about a year to complete, according to Investopedia. If you have heirs or beneficiaries who you were providing monetary support to and your death means they could struggle financially due to the loss of that support, your loved ones may be depending upon their inheritance. You need to make certain that you get it to them quickly — and avoiding probate is a key way to do that.
- You want to protect your privacy and the privacy of heirs or beneficiaries: When probate takes place, it occurs in court and court records are created as a result. If you do not want information about your estate becoming part of court records, which are usually public and available for others to see, you should strongly consider taking steps to try to avoid the probate process.
- You have assets that need to be carefully managed by new owners: There are many circumstances where you may have investments or other assets that require hands-on management. If those assets have to transfer through the probate process, the executor of an estate could be left in charge of managing them for months on end. This could reduce the value of the assets if it is important that they are immediately transferred to new owners so those owners can take charge of managing them.
- You are concerned that your will could be contested: If you fear that someone in your family will contest your wishes and challenge the validity of the will that is being probated, it can make sense to try to avoid probate. While it is possible for someone to challenge a trust, it is much harder for them to be successful in doing so because of your ongoing involvement with the trust during your lifetime.
There may also be other circumstances where it becomes essential to try to take steps to avoid the probate process. Zimmer Law Firm can help you to evaluate your situation, consider the needs of your loved ones, and decide which legal tools should be a part of your plans.
Getting Help from Estate Planning Attorneys
Zimmer Law Firm can provide personalized one-on-one advice on whether you should make an estate plan that can help you to avoid probate. We will work with you to address the needs of your heirs or beneficiaries and to ensure that you have made the right choices in connection with the plans you put in place. We know how important it is for you to protect your assets and provide for your loved ones and we will work closely with you to use the right legal tools to facilitate the timely and effective transfer of assets.
To find out more about how our firm can help you with all aspects of the estate planning process, including avoiding probate, join us for a free seminar. You can also give us a call at 513-721-1513 to get your personalized plans underway today.