Shah LAW Firm, PLLC

That’s a loaded question. When you die, your property must somehow pass  to another person. You have the right to choose the manner in which your  property is distributed after your passing. A proper estate plan will not only address this need, but also minimize potential estate tax and settlement cost, as well as carrying out your wishes regarding health care matters. 

There are several reasons to consider an estate plan, including: 1) minimizing death taxes, 2) providing for incapacity, 3) providing for medical decisions, 4) avoiding probate, 5) providing for minor children, 6) charitable bequests or planned giving. 

Many assume that their spouses or adult children automatically take over  for you in the event that you become incapacitated and not able to manage your own financial affairs. This is not true. A court must first declare you legally incompetent, which can be both lengthy and costly. Even if the court appoints the person that you would have chosen, this person must report back to the court for accounting purposes (potential headache). Keep in mind that a will does not take effect until you die and a power of attorney may be insufficient.  

Designate a person that you trust in proper legal documents so that they  will have the authority to withdraw money from your accounts, pay  bills, etc. 

Probate is not a 4 letter word. Probate is the process to authenticate one's will and transfer assets accordingly. True, probate can be expensive, time-consuming, and open to the public. Courts may freeze assets for months while trying to determine the proper disposition of your estate. It can be very stressful on your surviving family members. 

With proper planning, your assets can pass to those you care without  undergoing probate; in a process that is quick, inexpensive, and kept private! A lot of assets pass outside the will in the form of beneficiaries (i.e. retirement accounts). Another method to avoid probate is to leverage a well-drafted and properly funded Living Trust. 

What are some of the steps in Probate?
Each estate is different, but most involve the following steps: 1) filing a petition with the proper court, 2) notice to heirs under the Will or to  statutory heirs if no Will exists, 3) petition to appoint executor/administrator, 4) inventory and appraisal of estate assets, 5)  payment to creditors, 6) sales of estate assets, 7) payment of estate taxes, and 8) final distribution of assets to heirs.