While estate planning is meant to care for your loved ones once you’re gone, sometimes such a smooth transfer is not always possible. Nonetheless, you can still ensure that your beneficiaries do not deal with the hassles involved in this process by making the right arrangements.
Knowing that beneficiaries are happy and are enjoying the assets left to them is what many people want. If you died with or without a will, however, you could be doing the opposite. In addition, it can be a contentious issue when people are disagreeing over your debts and assets.
Why is a Probate Necessary?
A probate is required to determine the distribution of specific assets. If you died and your name is on the title of an asset, the only way to resolve this is to go through the court process to take your name off and put on the new owner’s name. Furthermore, the court needs to validate that your will has the right signatures and that no other will was created.
Should You or Should You Not Go for Probate?
A will express your wishes and what happens to your assets after you die. A probate, on the other hand, is a legal process through which your beneficiaries go through to ensure that your will is legally valid, your debts are paid on time, and that distribution of assets is according to your wishes.
In the event that you die without a will, state laws dictate how they’ll distribute your assets. Probate processes can be complicated depending on the value of your assets, law requirements, and the kind of assets you have. Going through this will require a personal representative, attorneys, stockbrokers, and many more. Paying all these people can drain your finances. Nonetheless, you’ll still be required to consult an estate planning lawyer in Salt Lake City (or anywhere you live in Utah) to create a living trust and advise you on ways to avoid probate.
If you prefer to avoid probate, many alternatives are available — setting up a joint tenancy, having payable on death accounts, or even setting up a living trust. Consult a legal professional who can help you set up a revocable trust to ensure that your assets get to your beneficiaries on time.