Q: There's lot of talk about "avoiding" probate. What's so wrong with it anyway?
A: Correctly or not, probate has been viewed as being expensive, requiring the services of an attorney. Many years ago, attorneys were allowed, or in some places even required, to charge a percentage of the value of the estate.
A:
Probate can be very costly and time consuming. The only probate I would say is not such a problem is homestead only probate for which an heir can petition for summary administration, which still usually costs around $1000 but it is not as time consuming.
It is worth considering certain probate avoidance strategies that would work for you, given your particular assets and goals, so that your heirs do not have to go through this legal process.
Having a will does not avoid probate. It simply designates your personal representative and your beneficiaries for your assets which are subject to probate (all assets in your individual name without a beneficiary designation).
Some probate avoidance techniques include enhanced life estate deed, POD and TOD beneficiary designations on bank accounts, retirement accounts, and life insurance, and trusts.
It is important to work with an experienced estate planning attorney, because an experienced attorney will take an overall approach to your estate plan, so that everything will work together to carry out your wishes. You should contact an experienced estate planning attorney near you to see what options would work best in your situation.
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