Probate: What Is It and How Can It Be Avoided?
Probate is the process in which a court oversees the administration of a deceased person’s estate. Probate can be lengthy and expensive. It can also result in conflict between the deceased’s family members and creditors. The estate planning attorneys at Grayson & Grayson, LLC can help you create an estate plan to prevent the need for probate.
How Can You Avoid Probate?
Unless you already have a plan in place, probate is required to transfer title of your property and other assets. Some legal methods you can use to avoid probate include:
- Creating a trust
- Transferring real property via a life estate
- Designating beneficiaries for non-probate assets
- Bestowing assets as gifts
It is always best to contact an estate law attorney in regards to estate planning. Our estate planning attorneys will be able to advise you on the best method of transferring assets through estate planning to minimize issues in the future.
What Are the Benefits to Avoiding Probate?
By avoiding probate, your estate and heirs will have several benefits. These benefits may include:
- Control over how assets are managed and distributed
- Timely transfer of property
- Decreased expense
- Increased confidentiality
- Limitation on creditor claims
- Tax and financial benefits
How Can an Attorney Help?
Our attorneys can discuss with you the various estate planning tools that are available. They will help you develop an estate plan that is specific to your situation and that will accomplish your goals. If you have questions or need assistance with your estate planning, contact Grayson & Grayson, LLC today at 573-635-0308 to set up an appointment with one of our experienced attorneys.