Many families approach the probate process with some degree of trepidation, and with good reason. Probate can be a difficult process with its own challenges. Nevertheless, most estates will need to go through probate before the heirs can inherit assets.
Probate is the court-supervised process where:
- The will is validated and authenticated
- Creditors are paid from the assets of the estate
- The title to the assets or money is transferred to the heirs
If you have a will, your estate will need to go through probate. For small estates, there is an exception that allows you to take advantage of an expedited process. There is always the possibility that the will can be challenged, leading to an expensive and difficult conflict.
An estate can avoid probate if the assets have been transferred into a trust. The reason why probate is not necessary is that the assets are already titled in the name of the trust, and no transfer is necessary. The trust could continue to operate according to its terms until it is closed.
There are numerous advantages to a trust that makes it a worthwhile option for many families. They are a critical part of many estate plans. You should consider forming a trust now, and it could save your family time and hassle in the future. You would need to consider your wishes and goals and select a competent person to serve as the trustee for the estate. Our attorneys can help you decide which trust works for you and create the necessary documents.
Contact a Lincolnshire Estate Planning Attorney Today
The attorneys at Charles T Newland & Associates work with families to devise and execute estate plans that meet your specific needs. To schedule an appointment, you can contact us online or call us at 847.797.9300.