What Is Probate and How Can I Avoid It?

One of the biggest hassles of creating a will is probate. In short, this is the process of legally examining the validity of a will before it can be put into action. This process is very financially costly and time consuming – in many cases, it can take as long as a year before beneficiaries are able to receive what they’ve been designated in a will. However, you can avoid probate through creating a living trust, which is a document that works similarly to a will, but with some distinct differences. In this article, we’ll talk about how probate works, how a living trust can help you avoid it, and how you can set up a living trust.

How does probate work?
The probate process is somewhat complex and very time-intensive. Upon your passing, your executor will need to file with your local probate court in order to prove your will. There are many fees involved with this (which are normally paid with funds previously designated to come out of the deceased’s estate for this purpose). The executor will then present documents to prove the validity of the will.

The executor then needs to find and manage all of the property covered in the will. In some cases, this may involve selling property or even paying off debts. This can take a very long time, often months or even well over a year. The court will then need to approve the will before the beneficiaries will receive their money or property.

How does a living trust help you avoid probate?
To avoid the lengthy probate process, you can create a living trust instead of a will. Living trusts are similar to wills, but they allow you to grant control of your estate to one person, who can then distribute your property on their own without having to go through court. A living trust is also usually cheaper than a will, because there are no court fees or legal fees. When you create a living trust, it is very important to choose someone whom you trust to handle your will appropriately and make sure your property is distributed according to your wishes. The process is also much faster, usually taking just a few weeks or a month at the most.

How do I create a living trust?
Although there are many services that allow you to create a living trust online, it is usually best to create a living trust using a lawyer’s help. A lawyer can help you review all of your property and financial assets, guide you through crucial decision making, and most importantly, validate the legality of your trust.

Once you have found a lawyer, there are certain steps that you will need to take. You’ll need to decide who the successor trustee will be (this is essentially the same as choosing an executor for your will). This person is usually an adult child or other relative, although it could also be a close friend. You’ll then need to decide what items will go in the trust and who will recieve them, and have this all designated in writing. It then must be signed and witnessed by a notary public, and then you’ll need to transfer the title of property to yourself as the trustee. Unfortunately, if this step is not taken, your living trust will not be valid.

It is important to note that you may need to create a will in addition to a living trust. A will allows you to designate guardians for your minor children, a crucial step that you cannot take with a living trust. You may also decide to split your property between a living trust and a will.