Probate is a legal process that involves validating a deceased person’s will, settling their debts, and distributing their assets to beneficiaries. There are many myths about the process that can lead to confusion, and as a probate lawyer, we want to dispel some of these myths.
Myth: Probate is lengthy and expensive
While probate can sometimes be time-consuming and costly, especially for complex estates, this is not always the case. Simple estates with clear instructions in the will may pass through the probate process relatively quickly and inexpensively.
Myth: All assets go through probate
Not all assets are subject to probate. For example, assets that have designated beneficiaries or assets that are held in joint tenancy typically bypass the probate process. Examples include retirement accounts, life insurance policies, and assets held in a living rust.
Myth: A will is sufficient for estate planning
Although having a will is essential, it does not cover all aspects of estate planning. Other tools, such as trusts, may be necessary to minimize taxes, protect assets, and provide for loved ones in specific ways.
As a probate lawyer, we want you to know that while probate proceedings are public record, not all of the details are accessible to the public. Additionally, we can help you implement certain estate planning strategies, such as revocable living trusts, to help you maintain your privacy and even avoid probate altogether. To learn more about how we can help you as a probate lawyer, contact us today.