The probate process can take a great deal of time, occurring over a period of months or even years in some cases.
Help from Local Probate Attorneys
At MKP Law, our probate attorneys are here to guide you through the probate process. We understand that these matters can be complicated, which is why we want to simplify the process however we can and serve you with the utmost compassion and understanding. Through clear communication, professional advice, and thorough planning, we hope to make the process as smooth as possible.
Probate Court
Each state has an established procedure for administering the property (or estate) of people who die. This procedure is called probate.
The five steps of a typical probate process are:
- Appoint an executor/ personal representative.
- Collect and document all of the assets of the decedent.
- Determine any debts owed by the decedent.
- Use estate property to pay any outstanding debts.
- Distribute any remaining property to those specified in the will, or if there is no will, according to the state’s intestacy statute.
The court system oversees probate. While helpful in some cases, this process can come with downsides and might not always be the most effective way to execute an estate.
Our probate attorneys can help you navigate this process; however, the good news is that probate can be avoided by proactive planning. The perfect estate plan for you, crafted at MKP Law, can ensure that every part of your estate is accounted for to avoid the uncertainty of probate court proceedings following your passing.
What Might Someone Avoid Probate?
There are several key reasons why avoiding probate can be beneficial to you.
Probate makes information public about assets, debts, and beneficiaries. For people who would like their privacy protected, these public records are not ideal.
The probate process can be quite expensive. It can cost between three and seven percent of the estate's value. Thus, many people prefer to avoid this process entirely.
Probate Avoidance
Probate courts exist largely to re-title property when it is needed. This means that any capital or property with titles in your name will be processed in this way when you pass away. A comprehensive estate plan, then, will designate a plan for the transfer of all titles in your name.
Your personal estate plan may include any combination of legal documents to protect your hard-earned assets from the risks of probate court. Property exempt from probate includes qualified retirement plans, life insurance and annuities, jointly-owned property, funds held under a pay-on-death agreement, and property held in trusts.
By transferring any property in your title to a revocable trust, it becomes legally safeguarded from states’ probate statutes. Our clients profit from our expertise in estate management and organization, and enjoy the peace of mind that accompanies a thorough plan for all of their assets.
Intestacy
Intestacy is the state of passing away without a valid Last Will and Testament. If a person dies without a plan for property division, states must follow their respective intestacy statutes to appoint an executor and divide their property. The executor receives money from the estate, and intestacy statutes set arbitrary guidelines for property division.
Because of this, it is incredibly risky not to create a valid will and testament. Your estate should be managed in the way that you want, and we offer an infinite combination of strategies to preserve your wishes and validate them in the law. Our clients remain confident that their wishes will be validated in the law, and that their estate will be managed and divided exactly as they expect.
Our Probate Attorneys at MKP Law
Having a legal team you can trust is everything when it comes to handling the matters of your estate. At MKP Law, we are committed to our clients and their individual goals. We have attorneys with experience in estate planning, probate, and much more.
Our team knows that it can be difficult to think about end-of-life matters, which is why we meet clients with guidance and advice every step of the way. Taking care of these things ahead of time can give you peace of mind that your estate will be handled how you wish down the road.
Connect with An Attorney Today
For help with estate planning or to speak with one of our probate attorneys, reach out today so we can help you get started.