Understanding (and Avoiding) Probate: Part 2

In Understanding (and Avoiding) Probate: Part 1, we reviewed the expensive, tense, time-consuming, and even tragic consequences of probate. We discussed the uncertainty of a public and problematic exercise where delays are common and unanticipated costs and potential family drama all unfolds against a backdrop of emotional trauma following the loss of a loved one.

As summarized in Part 1:

“The unfortunate truth is that no one wants to go to probate. It’s a terrible place to be. Probate is often run by an overburdened and inefficient court system. It’s a time-consuming, frustrating process, a procedural nightmare with no clear outcomes, guided by rules that are clinical and coldly calculating, with no guarantees that your wishes will be followed regarding the disposition of your assets.”

The question, of course, is what can you do about it? What practical steps can you take today to make sure you and your family avoid the horrors of probate?

The answer is surprisingly straightforward: create an estate plan with the assistance of a trained estate planning attorney. An estate plan is not just for the wealthy. Anyone who has assets can benefit from going through the estate planning process. An estate plan may include a will, a trust, medical directives, and power of attorney documents. Of those documents, the trust is the most powerful tool in your arsenal when it comes to avoiding the stress of probate.

A trust is a private financial instrument that allows you to set aside assets to be handled by a third party. If your trust is fully funded and you’ve worked with a knowledgeable estate planning attorney, you can ensure that the assets in your trust are passed on to the intended recipient(s). Depending on the nature of the trust, those funds may not even be taxable. In short, instead of exposing all your assets to the public (and to potential creditors) through the probate process, you will be able to ensure that they are distributed faster—and more fully—to the person or persons you select.

Wills and trusts are the building blocks of a comprehensive estate plan, and Shea Law’s estate planning attorneys will work with you to make sure that all your personal circumstances are fully considered and accounted for. Estate planning shouldn’t be an impersonal paint-by-numbers process, but instead should be highly customized and comprehensive, yielding a result that addresses all your personal priorities and assets. That means accounting for not just straightforward financial assets like bank and investment accounts, and not just physical assets like cars and furniture, but also digital and nontraditional assets like airline miles and Amazon points. An estate plan should also address items of emotional or subjective value, from personal art to family heirlooms. Those assets should be distributed not as line items in probate, but with consideration that reflect their true value to your family or friends.

Estate planning is you and your family’s ticket out of the probate nightmare. And the best part is that you don’t have to break the bank to do it. With an estate planning partner like Shea Law, who is committed to making estate planning more accessible for all, not only is personal estate planning surprisingly affordable, but it’s also an efficient and painless process that results in lasting peace of mind. And when you consider that it could save your family tens or even hundreds of thousands of dollars, it’s not just a bargain, it’s one of the smartest investments you can make.

In the end, probate is really just about distributing your stuff. Estate planning is about something much more important: safeguarding your legacy. It’s about protecting the people you care about and ensuring that your wishes are followed. By avoiding much of the drama and expense of what is often a time-consuming, stressful, and very public probate process, you won’t just be helping your loved ones, you’ll be putting you and your family in a position to thrive for generations to come.

Our team is here to help you start your estate planning journey. Schedule a complimentary consultation today and get paired with the right attorney for your unique situation.