Guide to Probate
There is a very popular legal term that people don’t think about after they are deceased, but you really should. It is called probate, and this is basically a legal process which happens when someone passes away, and it is an unfortunate event for the surviving family members because it covers a lot of things and leaves a lot on their plate.
If you don’t have a living will, then it can actually cause a lot more problems because it can prolong the way that your property is distributed, and often times, people get left with items they didn’t want, and those who you may have talked about giving property to won’t get it after you pass. Therefore, in this guide, we’re going to tell you what is probate and how to avoid a probate process.
Does Every State Have the Same Probate Laws?
This is a common question, and the true answer is no. No place in the world have one specific on what happens after your death. Sometimes, if you were hoping to leave something to your children, they may never see what they have coming to them if the land, home, or vehicles that both you and your spouse own are not listed directly on a will. While you’re in the state of probate (after you are deceased), all property belonging to you and your spouse becomes theirs. “Mi casa su casa”, right?
Why Would You Want to Avoid Probate?
By going into probate, though the process is pretty short, sweet and to the point, it can be long and drawn out as well. Not only that, but it can cost more for your loved ones to have to deal with. A lot of times, there are more appraisals going on to know who gets what, and sometimes, people don’t end up getting anything at all, because they have to pay all of those fees. At the same time, your property becomes a public matter, and it is put on public record (everything in the probate hearing, not just your cease and desist).
There Are Ways to Avoid It
If you’re wanting to avoid having to put your family through this much trouble when you die, you need to know that there are things you can do to stop the process from happening. Some of these methods involve having small estates, give away your properties and debts before you pass, and make a living trust or will.
Also, be sure that you talk to your banks before your death, so that others will transfer your funds to a beneficiary in case of an emergency. And of course most importantly, you raised a family and probably have a spouse by now (we hope). If this is the case, sign your spouse to hold joint custody of all of your property so they will receive it when you die.
Even though many people don’t want to talk about these things, they are an unfortunately necessary part of life, especially for those around you that love you and want the best for you. This way you can show them that you want the best for them too.