Top 5 Tips On How to Avoid Probate

Losing a loved one is one of the most difficult things you’ll experience in life.

Having to take their estate through probate could be another…

When you set up your estate properly before something happens, you can help alleviate some of that stress on your family.

Here are our top 5 tips to avoid probate!

Tip #1: Get Your Advice From an Estate Lawyer

We see it all of the time. Our clients come in with advice they received from a well-meaning friend or family member that is just completely incorrect. We even hear incorrect information given by bankers or insurance agents while working on our clients’ files.

These people in your life mean no harm. It’s just possible that they, themselves, have misunderstood the law or that they have outdated information.

Estate laws are complex and they can change frequently. Attorneys who specialize in estate planning and administration are some of the only ones who know all of the ins and outs of new and existing laws.

When your car is acting up, you should take it to your mechanic, not your butcher. The same logic applies to estate planning and administration.

Tip #2: Don’t Take Shortcuts to Protect Your Bank Accounts

This is another mistake we see often.

Parents will put one child’s name on a bank account as an additional owner with the intention that, when they pass, the account will avoid probate and flow directly to the child. The child named on the account is then supposed to distribute the money.

What most people don’t understand, however, is that that child has no legal obligation to do this. Even if they agree at the time that their name is added to the account, they can legally do whatever they want with that money and the other children will have no claim to make.

This can happen to anyone, so take steps to legally have your wishes assigned.

Tip #3: Don’t Be Afraid to Put it in Writing

Money and grief can make people do funny things. Even the most loving and connected families can experience some turbulence during the estate administration process. This is completely normal!

Putting your estate plan in writing with an attorney will help to reduce or eliminate any hard feelings or uncomfortable familial tensions. Because these documents must be followed legally, it can help take feelings out of the process.

Establishing your estate plan doesn’t mean that you are expecting a fight - but rather, that you are prepared to protect your loved ones if an unforeseen conflict should pop up.

Tip #4: Get Your Plan Reviewed Frequently

Your estate plan is not a “set-it-and-forget-it” set of documents.

As situations change and time goes on, your plan should be reviewed on a regular basis. Laws could change. Family dynamics could shift. Financials could be impacted. All of these things have an impact on your plan.

By setting periodic appointments to review and update your plan, you’re ensuring that your wishes will be followed, no matter what.

Tip #5: Talk to Your Family Members About Your Documents

Your estate plan won’t do any good if your family doesn’t know it exists!
We aren’t saying that you need to bring it up at every single family gathering, but make sure the right people know what is in the plan, which lawyer has it, and where the original (and copies) of the documents are located.

When they know where the documents are, what they contain, and what law office created them, they will be better prepared to handle your estate effectively when the time comes.

Following these steps will not only help your family when you pass but it will also give you the peace of mind that everything will be taken care of when your time comes.

When you’re ready, come talk to us about your specific situation. We would love to walk you through how to protect yourself and your loved ones!