When someone passes away, the assets from their estate often have to go through the probate process. If they have a will and estate plan in place, the assets can then be distributed to the rightful beneficiaries. There are ways to avoid probate and good reasons to try and minimize the process when possible though. A Bergen County estate planning lawyer can tell you more.
Why Avoid the Probate Process?
The probate process isn’t all that bad, but there are a few aspects of it that make some people want to avoid it for as much of their estate as possible. Just about any asset can go through this process. Whether you leave behind money, a titled asset like a vehicle, or assets from a business, it is likely that they will have to go through probate before the beneficiaries you chose get to receive them.
The probate process can last a few months, which is often the first annoyance for the family members of the deceased. It can also cost money because you have to go to court and that almost always costs money. The final issue is that court means creating court records. People who value their privacy would rather pass down their assets in another way.
Which Assets Can Avoid the Probate Process?
So if you want to avoid the probate process, you can try to structure your assets and estate in a way that removes the need for it. One of the most common ways to do this is through a trust. If you set up a trust and fund it with all of your assets, they won’t have to go through probate before going to their designated heir.
There are also certain assets that don’t need to go through this process at all. Many accounts or policies that allow you to name a beneficiary are not required to go through the probate process. This can include things like life insurance policies or retirement accounts.
How Often Should I Update My Estate Plan?
Once you have made your estate plan and taken steps to avoid the probate process, you should check in on it once in a while. If there are any major life changes, like a death in the family or a divorce, you may want to adjust some parts of your plan. It’s also a good idea to make some edits if you acquire more assets or come into an inheritance of your own.
Talk to an Attorney Today
When you are ready to learn more about your estate planning options and how our lawyers can help you simplify the process of passing down your assets to loved ones, contact the Law Offices of Colin M. Quinn. We can schedule a consultation for you and get right to work on a plan for you.
