People who are planning their estate need to ask if they wish to avoid probate. The process of clearing title to a piece of property when a person dies so that it can be transferred is known as probate. Attempting to avoid probate takes time and energy, but there are some benefits. Avoiding probate can save the client money on general court costs like attorney and filing fees. It can reduce the complexity of transferring the estate and help better protect a client’s privacy. Many clients may want to avoid having their Will contested, and avoiding probate is a way to reduce the chances of a Will being contested. There is an administrative burden of having to update all of the necessary legal documents. A competent financial advisor can help a client walk through many of the complex issues surrounding the probate process.
See Tracy Craig, Should Clients Avoid Probate? 5 Factors To Consider, Financial Planning, August 16, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
