When settling the estate of a loved one, most times friends and family will face the reality of probate. While avoidable, most estates enter probate and face a months-long process of settling the estate through probate court. This process can become costly and time-consuming, and can prolong the grieving process for many people.
Many times I'm asked the question of how to avoid probate and is it worth avoiding? In most every case the answer is yes, probate is worth avoiding. Probate rarely benefits loved ones and those handling the estate. Beneficiaries usually suffer and must pay time and money to settle the estate. Probate can be avoided by some careful planning.
When should you spend your time and money on avoiding probate? The simple answer is before you die. However, your age and health will be a factor in how your planning is set up.
Consider a few factors—your age, health, and wealth. If you are young and in relatively good health, planning will generally be very conservative due to the fact that the laws will likely change many times in the decades (we hope) before you need to implement your plan. If you are over 60, in poor health, or have a considerable amount of property, planning now to avoid probate may be a wise investment of your time and money. In this second category, planning will generally be slightly more aggressive, with the likelihood of the plan being implemented sooner under laws that are in effect today. In other words, the sooner your plan will be implemented, the more certainty we have in our planning to lower your estate's costs and death taxes.
If you would like more information concerning estate planning, including learning how to avoid probate, contact Antelope Valley estate planning law firm Thompson | Von Tungeln (TVT) at (661) 426-2499 or visit their websites at www.EstatePlanningSpecialists.comwww.EstatePlanningSpecialists.com and www.Medi-CalHelp.com.www.EstatePlanningSpecialists.com is a comprehensive online resource for personal wealth management solutions through wills and revocable trusts. www.Medi-CalHelp.com is a comprehensive online resource for long term nursing home care for the middle class. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve clients with the creative, effective and custom solutions they deserve.