Wills, Trusts & Estate Planning
Reasons Why Wills and Trusts Can Help You Avoid Probate
You’ve probably been told at some point in your adult life that it’s best to avoid probate court if at all possible, but you may not know why. In short, there are a couple of problems with the probate court, and your trusted Maryland wills trusts & estate planning attorney would like to provide you with the following information regarding probate court:
First, it can tie up property and assets for months, even up to a year. Second, it’s expensive. Attorney and court fees can take up over five percent of an estate’s value. Here are some ways you can work to make sure your estate plan is complete and help your family avoid having to go to probate.
Your last will and testament is a document that you prepare alongside your attorney. The will lists your wishes, such as who will receive certain assets and family heirlooms, and who will handle your estate once you’ve passed away. This is a document that can be changed throughout your lifetime, so you don’t have to worry about someone that you’re no longer involved with still have an active role in your estate. This is why working with an attorney is helpful because you can refer back to him or her as thing evolve.
There are a number of different trusts that you can establish in order to avoid the probate process. For example, you can establish a trust and transfer certain assets or real estate to your trust. This would help to eliminate the need for probate once you’ve passed away. Talking with an experienced attorney regarding the assets you own and your wishes will help better determine what type of trust you should establish.
If you’re looking for ways to make things easier on your family after you’ve passed away, you’ll want to retain a Maryland wills trusts & estate planning attorney to find ways to avoid probate altogether. This could include transferring title and retaining a life estate, or establishing a trust fund.
For more information on probate and estate planning, you should reach out to our experienced team at S.A. Stevenson Law LLC.