To understand how to avoid probate, we need to understand what probate is and the role of a probate lawyer in Kings County. Probate is actually a court process that a decedent estate executor initiates. It validates a will and empowers the appointed executor to distribute the decedent’s estate among the beneficiaries, as instructed in the will.
If no will is present, the court will appoint an administrator for the estate. This person will follow the court’s instructions to help distribute the estate between the decedents’ surviving members.
Not all probate laws are the same. They differ based on the county, in some cases, if there is no will the property laws of the community are used to settle the probate process, these laws award the estate to the spouse of the decedent if there is no spouse the court awards the estate to other family members by following a hierarchy based on closeness to the decedent; therefore, it is vital to get in touch with a probate lawyer in Kings county to help you through the probate process.
The Reasons To Avoid Probate, As Explained By A Probate Lawyer In Kings County
The probate process may seem like a pretty straightforward process, but it is usually not, many complications could arise, a Probate Lawyer in King county explains a few.
Slow: There are cases where the probate process can take several months, if not years until the estate is justly divided among the beneficiaries. To complicate things further, family disputes over the will could cause further delays.
Costly: Fees of the executor, probate lawyer in Kings county, and court administration fees accumulate to form a steep amount if the process drags for an extended period this amount keeps multiplying.
Publicity: Since the proceeding is state legal, all the proceedings of the court go public.
Cash-Crunch: As mentioned before the probate process is a very long process, during the process the family members may not have access to any funds, since they have to pay for everything like the funeral preparations and household utilities during the probate process. Sometimes family members may not be able to pay for necessary expenses like food and water.
The above reason, along with many others, gives rise to a need to avoid the probate process. This saves the decedent’s loved one’s time, money, and any unwanted publicity and allows them to mourn.
How To Avoid Probate?
A probate lawyer in Kings county lists a couple of ways to avoid probate.
Real Estate: Originally using the correct title for real estate is how the probate process can be avoided. Using tenancy or joint tenancy in the title can help as it passes ownership of the estate to the co-owner on the event of death. Estate owners can also consider using a life estate deed as an option. Life estate deeds allow the estate owner to utilize the estate while alive and transfer the estate only after death.
Form a Trust: Trusts are of two types revocable and irrevocable; the former is changeable the latter not. Trust gets funded; if the trust is invalid or not funded, the estate will go through probate.
Bank account: In the case of a bank account, create a joint bank account. To be specific, create an account where the beneficiary’s name is listed. But they only get access to the account after the death of the primary account holder.
Vehicles: In the case of vehicles, during the purchase, add the beneficiary’s name along with your name so that on the occasion of death, the selected beneficiary gets access to the vehicle.
Gifts: The best way to avoid probate is to give the estate away as a gift. The reason being if you do not have ownership in death, it doesn’t have to go through probate. This dramatically lowers probate cost, and gifts are not liable to be taxed.
A Probate Lawyer In Kings County Can Help You Give Away All Your Property
Giving away all your property is one of the smartest things to do to avoid probate. It may seem harsh and drastic, but after death, it would avoid unnecessary costs and disputes between family members. This involves selling off all your property and keeping that money in a bank account to which you could add a beneficiary.
Planning for death can be a very tiresome and daunting process. There are a lot of things to take care of. If you own a significant estate, the planning process can get very complicated. So, a probate Lawyer in Kings county can help you through the process and answer any questions you may have.