Why Skipping Probate Could Save Time And Money

There are many reasons to avoid probate when planning for your estate. Avoiding probate avoids the hassle of having to go to court, which can be costly and time-consuming. It maintains privacy so that a list of your probate assets and their value is not filed at the probate court for everyone to see. It can allow beneficiaries to receive their inheritance sooner through probate avoidance techniques such as beneficiary designations, joint ownership, and using trusts.

However, there is another reason to avoid probate that is often overlooked. Your heirs will not receive notice of the court filings upon your death. Your heirs are the people who would inherit your assets if you died without a will. Who your heirs are will depend on your state’s laws. They can be different from the beneficiaries you name in the will.