You strive every single day to give your family a comfortable home. You work hard to ensure that they are getting the most out of life, especially when it comes to your children. You don’t want them to suffer in any way. It might be tedious and stressful to work every day, but because you’re doing everything for your family, you think all of your efforts are worth it at the end of the day. But after your passing, can your family members still experience the same in life? Can your family members make the best out of life even when you’re no longer with them? This is when estate planning should come into the picture as this allows you to transfer all of your assets, including your properties, automobile, and savings accounts, to your loved ones.
Estate planning is helpful for all families, not just for the wealthy. But aside from knowing what estate planning is, it’s also essential that you should know what probate is as this can affect the former in more ways than one. You can know more about probate and how it affects estate by reading this article.
First Off, What Is Probate?
Simply defined, probate is a process done legally wherein a deceased person’s final debts are settled, and the title to certain property is passed to his or her surviving benefits or heirs. And while probate might seem advantageous in a nutshell, there have been many discussions arguing for and against the probate process and its value to an estate plan.
How Can Probate Affect Estate?
While probate is intended to work fairly in order to facilitate the transfer of property after someone dies, it can still have effects on your estate such as:
- Regardless if the person has a last will and testament in place at the time of death, if any assets do not pass directly to the beneficiaries, the living family members must go through the probate process.
- Even if you have a small and simple estate, the processes involved in probate can still eat up time and resources. This does not only delay your family members’ receipt of assets, but this can also cause stress for them as the process will still take months or even years just to settle an estate.
- After your passing, your family members would need time for grieving and shouldn’t need to sit through several meetings with attorneys for months on end – this is what happens during probate. Aside from that, you should keep in mind that everything happens publicly as a probate process is considered as a public proceeding.
- All of these procedures cost money, which has effects on the value of probate property.
If all of these things seem too complicated for you, you don’t have to worry because you don’t have to go through this alone. You can always seek help from a will and trust litigation lawyer like this one here. A lawyer can provide you with the best options available for you to take without compromising anyone’s legal rights in the process.
It Pays To Be Prepared
You might have your properties with you, and everything might have been planned out while you’re still alive, but your family members can still be limited from enjoying what you’ve worked for if your assets will undergo probate. The process involved in probate is long and tedious which means that your family members can suffer in the long run. But you don’t have to fret because since you know what probate is and how it plays a role with your estate, you’ll be able to find means in order to keep your property out of probate. Once you’ve taken appropriate measures, you’ll be at ease thinking that your family can still live comfortably after your passing.