The execution of someone’s estate typically requires the probate process. Probate allows the executor to settle an estate’s debts and distribute the remaining assets to the beneficiaries. However, probate is not always preferred — for multiple reasons. The process can take several months to over a year to finalize. As a result, many family members go through a lengthy grieving process until probate ends, and they may not have access to the funds they need, since those may be tied up for a while.
If you want to save your family grief and avoid probate, you may have a few options. Here is what you should know:
Learn more about the probate process
It is important to understand why probate can take so long and whether it can be avoided or not. Probate begins when the executor submits a will to probate court. The probate court checks the validity of the will and may name the executor as the estate’s personal representative. The executor can then locate assets, pay taxes and debts, contact beneficiaries and distribute assets.
While in some cases the probate process may only take a few months, other estates may take over a year to settle. This often depends on the size of an estate, the competency of the executor and legal conflicts. Larger estates may make it harder to locate assets. The will could also be challenged, which could result in a lengthy court case.
Explore your options to avoid probate
There are ways around probate. First, probate could be skipped if an estate is small enough. This could be done if a testator gifts away assets during their lifetime. An estate could also be added to a living trust, which allows assets to be directly distributed to beneficiaries at the time of a testator’s passing.
Avoiding probate is often a goal of good estate planning. Legal guidance can help you explore your options.