When you pass away, if no estate planning is done, your estate enters what is known as probate. This is the formal legal process of determining what happens to your assets, including identifying any creditors and paying them before making any distributions to beneficiaries.
With no estate plan, the State of California determines how your estate plan will be distributed to beneficiaries. California’s plan, however, may not be what you want.
There are four major reasons why it’s helpful to talk to an attorney about ways to avoid probate:
- The first is time. Complex probate proceedings can take as long as two years to complete, which means your beneficiaries won’t receive their inheritance until the legal process is finished.
- The second reason for avoiding probate is cost, because this will depend on the total value of your assets at the time you pass away. Probate brings court filing costs, publication fees, executor fees, attorney fees, and even possible bond charges.
- The third reason to consider avoiding probate is privacy. Probate records are public, which means anyone can see them. Public records include, among other things, notices to creditors and beneficiaries, descriptions of your estate, and your will.
- The fourth reason to avoid probate is the emotional impact. Navigating these complex legal matters can add further frustration and overwhelm to family members already dealing with grief.
You can, thankfully, avoid probate by working with a Pasadena estate planning attorney. Some of the tools available to you include creating a living trust, revocable transfer on death deeds, and naming beneficiaries on payable on death accounts, retirement accounts, and life insurance policies. Talk to an experienced attorney in Pasadena to determine what is right for you.
