What is Probate?
Even if you are new to estate planning, you may have heard that you should avoid probate. While you may think that you want to avoid probate, do you actually know what is involved in the process? Take a look at the information below to learn more about the probate process. If you have any questions, need help probating an estate, or if you're looking for ways to avoid probate, meet with an estate planning attorney.
What is probate?
Probate is the process of validating your will and handling your estate's affairs after your death. This is a court supervised process in which the executor of your estate presents your will, locates and manages assets, distributes the assets to your beneficiaries, and handles the financial and tax duties. During the process, your executor will have to continuously keep in contact with the court to ensure that all matters are handled correctly.
All of the assets controlled by your will are subject to the probate process. This means that if you own assets in your individual name, probate is guaranteed.
Why would I want to avoid the probate process?
Many people don't want to go through the probate process because it is public. If you don't want your private financial and family affairs to be accessible to the general public, then you want to avoid probate.
It can also be an expensive process that takes a long time. This means it can take several months or years before your beneficiaries are legally able to receive your assets. If you want to make sure that your loved ones will be able to get their inheritances quickly, probate is to be avoided.
If you have any questions about the probate process of if you're looking for a way to avoid probate, consult with a qualified estate planning attorney.
Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit www.epattorneys.com today.
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