Probate is something few people take a lot of time to consider until they have to spend time in court administrating a loved one’s estate. The process may be simple for those without many assets or who had a living trust. However, for those who were unmarried or had children with more than one person, owned property in more than one state, or who had complicated assets and no trust, probate could be a long, complicated process.
Reasons to Avoid Probate
The main reason people try to avoid probate is to keep their personal business private. Probate records are public, and all heirs or potential heirs will be able to see the records. This may be an issue with large estates and could result in unnecessary and time-consuming challenges to the will. Another good reason to avoid having a will administrated in probate is the cost. The Probate Lawyer in Lubbock TX and executors have to be paid out of the estate, using a living trust allows assets to pass directly to beneficiaries.
Advantages of Living Trusts
In addition to the time it could save, a living trust gives a person control over where their assets go after they pass away. In probate, the court makes the final decision about who gets which assets. Some assets may even be sold to pay debts and never get to the person they were intended for. Anyone faced with this situation should Contact Kyra K. Blankenship Attorney to ensure their rights are protected throughout the probate process.
Unlike an irrevocable trust, that is typically used to avoid taxes after death, a living trust can be changed at any time. Because the assets still belong to the owner, they can sell, improve or even give away anything in the trust as long as they are alive.
It’s important to work with an experienced Probate Lawyer in Lubbock TX to create an estate plan. This plan may include a will, a trust, and other important documents such as powers of attorney. Although it is possible to go through probate alone, doing so with the help of an attorney could make the process a lot smoother and reduce stress for all family members.