In New York, when a person takes the necessary step of creating an estate plan, they might get conflicting information from family members, colleagues and friends about the best way to go about it. However, estate planning is based on the individual’s needs. What worked for one person might not work for another.
The circumstances dictate how they should proceed. One part of estate planning that is of legitimate concern and requires serious consideration is probate. This is when a person’s will is validated so their assets can be distributed after they have died. Probate can be helpful, but it might also present certain challenges. It is important to understand if it is better to avoid it entirely and seek alternatives.
The positives and negatives of probate
Probate is useful in many circumstances. It validates a will, meaning that the person’s wishes will be fulfilled. When there are disputes between family members over the decedent’s assets, the probate process makes sure there is no confusion and the property will go where the person wanted it to go.
It also pays all the person’s debts so family members will not be pursued for them. The same is true for outstanding taxes. The executor is given legal authority to oversee the person’s affairs. In short, probate gives transparency into the process.
Still, there are negatives to probate. Many people might not want their personal business available for all to see. But with probate, it is a public record. The wait time can be problematic. It takes time to go through probate even if it is a simple estate. For many, it can take a year or a year-and-a-half to complete. It can also be expensive when calculating the various fees that come up.
When estate planning, think about probate and whether it should be avoided
Most people will opt for a will when creating an estate plan. This is the simplest solution and takes the least amount of time to formulate. However, those who do not want to go through probate can choose a living trust. While this can be more complex, it has benefits that some might prefer.
There are ways to avoid probate by using another estate planning device. When creating an estate plan, it is important to consider the options and know which is a preferable strategy. Having professional assistance from the start can be beneficial to making the right choice.
