While the probate process has a lot of significance, you may want to plan to avoid it when working on your will. Working with an estate planning law firm can help you understand the importance of the probate process and whether or not going through it can be beneficial to the beneficiaries.

Here are some of the reasons why many people prefer not to go through the probate process:

• The Cost Of Probate:
  Cost is one of the main concerns regarding probate. You need to pay probate fees, which can be costly. The amount you pay is tied to the dollar value of the estate. Many people don't like the idea of paying to check the validity of the will you leave behind, not to mention that the cost may reduce what beneficiaries will get after the process is concluded.

• The Length Of Probate:
  The probate process can take a significant amount of time. The least time it can take is six months, and that is extremely rare. Many cases can take years to resolve. The process can be prolonged if creditors stake their claims to the estate. Complaints by some of the beneficiaries can also cause it to drag.
• Publicity:
  Probate processes are public, and the last thing you want is strangers knowing what you left your children, which gives many people a reason to want to avoid the process.

Can You Avoid The Probate Process?

It’s possible to bypass the probate process when working with a lawyer to prepare estate planning documents. But before you decide to go down this road, you should consult with the lawyer to find out if it is in the best interests of your beneficiaries.

Some of the options that an estate planning lawyer may recommend if you don’t want your will subjected to the probate process after your demise include:

• Securing Assets With Designated Beneficiaries:
  You can automatically transfer some of the assets you purchase to your beneficiaries before you pass away. Assets that you can transfer include life insurance policies, retirement plans and 401k and 403(b) plans.
• Invest In Stocks And Bonds:
  You can use a transfer-on-death form to transfer your stocks and bonds to your beneficiaries when you die. Many people also use their savings to invest in stocks and have the proceeds go to their beneficiaries.
• Create A Trust:
  One of the most effective ways to avoid probate is to create a trust. You can continue to place assets in the trust to reserve them for your beneficiaries. Using trusts can also help you avoid some taxes and preserve your wealth.

When working with an estate planning lawyer, you may also get advice during the estate planning process, such as buying valuable assets jointly to minimize exposure to the probate process.

Estate planning that helps you preserve your life’s work and sacrifices

Estate planning is valuable in the succession process, and it shouldn’t be taken as a one-time event. Working with an estate planning lawyer near me in Rome, NY can ensure you preserve your assets when succession time comes and pass them over to beneficiaries in the most effective and efficient method.

The probate process is one of the common concerns we see among clients who come to us for estate planning. With our experience and knowledge of the law and industry, we can recommend a few avenues you can use to help avoid probate. For more information on how you, too, can plan your estate and bypass probate, call us at (315) 627-2800.