The Probate Process

What you don’t know about the probate process can cost your loved ones when you’re gone. When you die, your estate will go through probate to ensure your assets are distributed appropriately and that all debts and taxes are paid. If you have a will at the time of your death, the courts will determine if the will is valid. If you don’t have a will, the court will decide how your assets are distributed and determine who your heirs are according to state law.

The probate process costs time, energy, and money. It can take several months to 2 years to settle an estate depending on state laws and the complexity of the estate. When a will is contested, probate can take even longer. The price your loved ones may have to pay in probate depends on the fees involved and the length of time needed to settle your estate.

The good news is the risk of probate can be minimized or eliminated entirely with proper estate planning. We often recommend a revocable living trust because assets are held in the trust then passed on to heirs according to the terms of the trust which helps bypass the need for court supervision. Yet estate plans aren’t one-size-fits all and there are other types of trusts available. 

Count on Alloy Wealth for effective estate planning to help ensure your legacy is passed on in a tax-efficient way and that your wishes are followed. When we meet with you, we will explain the difference between a will and a trust. We’ll recommend insurance that may be a benefit to you in transferring wealth. Then work with fee-based attorneys to create all the legal documents you need. Call 800-689-3935 to speak with one of our estate planning experts.