Indianapolis elder law attorneys can work with you to create a comprehensive plan for avoiding probate. The probate process typically must take place after a death has occurred unless you take steps to try to avoid it. Many people don’t want their families to have to go through the probate process after a death, so using tools such as trusts, pay-on-death accounts, and joint ownership are common practices when creating an estate plan.
Frank & Kraft can help you to determine if avoiding probate should be a priority for you. If your goal is to avoid probate, our compassionate and knowledgeable legal team can help you to carry out this goal by using the appropriate tools for your particular situation. To find out more about how our Indianapolis elder law attorneys can assist you, give us a call. You should also read on to find out about some of the top reasons people have for avoiding the probate process to see if any of these reasons affect you.
Avoiding the Cost of Probate
According to Investopedia, prob ate can be very costly. In fact, expenses associated with the probate process can total around three percent to seven percent of the value of the entire estate that is being transferred. You don’t want a big portion of your wealth to be lost due to administrative fees and other costs associated with the probate process. Working with an experienced attorney to facilitate the transfer of assets outside of the probate process means that you won’t have to worry about your estate getting stuck with these big bills.
Transferring Assets More Quickly
Another big benefit to avoiding probate is you can transfer assets much more quickly than you could through the probate process. As Investopedia explains, it typically takes around a year for the entirety of the probate process to be completed. If the estate is a very complicated one or if there are problems such as a dispute over the validity of the will, it could take even longer for the affairs of the estate to be settled and assets to transfer to new owners. You may have loved ones who are counting on an inheritance and, if you do, a delay in transferring assets could cause substantial hardship. Avoiding probate could be especially important under these circumstances.
Maintaining Privacy
When you transfer assets through the probate process, the process takes place in court. Court records are created and the public can learn about your estate, your assets, and who you transfer your wealth to. Many people would prefer to keep a judge out of their personal business, avoid court records, and avoid their private information becoming public knowledge. If you can transfer assets outside of court through the use of other means, you can achieve these objectives and benefit from far more privacy.
Maximizing the Chances of Your Wishes Being Respected
When you pass away with only a last will and testament, it is possible that you will could be challenged and you might lose the chance to control what happens to your wealth. If you use other tools such as a trust, you will not have to worry about this occurring as much. While it is true that people can contest a trust, most trust creators have a lengthy history of ongoing involvement with their trust over the course of their lifetime. This makes it much harder to contest a trust and significantly reduces the likelihood that a challenge to a trust will be a successful one.
Getting Help From Indianapolis Elder Law Attorneys
These are just some of the many reasons why you may wish to avoid the probate process. There could also be other reasons for avoiding probate that are specific to your situation. If you want to determine if efforts to avoid probate are worthwhile for you, you should reach out to Indianapolis elder law attorneys at Frank & Kraft today. We can help you to assess your financial and family situation, make an informed choice about whether to try to avoid probate, and take proactive steps to find other ways to transfer your wealth.
To find out more about how our firm can help you with legal issues related to probate, join us for a free seminar. You can also give us a call at 317-684-1100 or contact us online at any time for assistance with making your comprehensive estate plan and leaving the legacy you desire.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023
