Planning ahead for the distribution of an estate after passing away is about so much more than making a last will and testament. Probate is one of the key factors that need to be considered. But what is probate and how can Walker Ante Law be of assistance in either avoiding probate or planning for the process?
What Is Probate?
Probate is a legal process that finalizes an estate after a person has passed away. The process involves collecting all income and evaluating all assets such as property and using these to pay off any debt, taxes or other expenses accumulated before death or as a result of death.
In most cases, an estate will pass through probate quickly and without contest. The process should be completed within 3 to 4 weeks but more commonly takes more than 6 months. However, in cases where the will or probate process is contested, the process can take a year or more to complete. Large estates that are complicated may also take much longer to pass probate.
Why Is It Important To Avoid Or Plan For Probate?
While an estate is in probate, heirs to the estate, family and loved ones will not have access to any of the funds, property or other assets that are tied up in the estate. This could have devastating financial consequences for those that have been left behind by the deceased.
Avoiding probate allows heirs instant access to the estate and planning ahead for probate will give them sufficient funds to see them through until the probate process has been completed.
How Can Probate Attorney Maria Ante Assist With Planning For Probate?
There are many ways in which a probate attorney can provide means to avoid or plan ahead for probate.
- Setting up am irrevocable living trust
- Joint ownership with rights of survivorship
- Joint tenancy with rights of survivorship
- Payable on death insurance policies with specified beneficiary designations
Taking these steps will ensure that an estate either does not go through probate or that heirs have funds or assets available to them that are free of probate.
How Can Probate Attorney Maria Ante Assist With The Probate Process?
While taking steps to avoid the probate process are relatively simple, many people fail to plan for the process. If an estate has already gone into probate, Walker Ante Law can provide assistance in ensuring that the process is completed quickly in the following ways:
- Dispensing with administration where children, a surviving spouse or creditor may request a court order to dispense with probate. However, not all estates qualify and normally only simple estates with no assets will receive a court order.
- Defending against any disputes regarding the distribution of the estate.
- Entering a contest or defending against a contest of the last will and testament of the deceased.
- Ensuring that the estate passes through the probate process as quickly as possible.
To find out more about how a probate lawyer Florence KY can assist with planning for probate or passing the probate process quickly, speak to Maria Ante of Walker Ante Law today.