Hartford probate attorneys can provide help with the probate process. The process can be a lengthy and time consuming one and, while having a lawyer can reduce the stress associated with probate, many people would still prefer not to have to go through this process after a loved one passes away. Fortunately, there are ways to avoid the probate process and Nirenstein, Horowitz & Associates can help you to explore your options for allowing some or all of your assets to transfer outside of probate.
If you hope to have your wealth transfer outside of probate so your family does not have to go to court after your death, you will need to make plans early before you become incapacitated or pass away. Our legal team can help.
You should give us a call to find out about the assistance we can offer with the probate process or to find out how we can help you to avoid probate. You can also read on to find out some of the reasons why avoiding probate may be worth the effort in your particular circumstances.
Avoiding Probate Can Save Money
Investopedia estimates that the cost of probate is about three percent to seven percent of the value of the estate. This can be a significant amount of money that heirs or beneficiaries lose out on. If you transfer assets outside of the probate process, these costs won’t have to be paid and the inheritance that is received will be larger.
Avoiding Probate Can Allow Heirs or Beneficiaries to Inherit More Quickly
Often, it’s important for new owners to take possession of inherited property as quickly as possible. This could be necessary in circumstances where heirs or beneficiaries are counting on their inheritance to provide for them since the deceased is no longer providing for them with his income. This could also be important in circumstances where new owners are needed to carefully manage the transferred assets.
Transferring assets outside probate using other tools like trust administration could make it possible for new owners to inherit much more quickly.
Avoiding Probate Can Help You to Ensure Your Wishes are Respected
When you make a last will and testament and assets transfer through the probate process, it’s possible that someone who is unhappy about the decisions that you made will decide to contest your will. Not every will contest is successful, but the process can cost money and can reduce an inheritance further. And, if the person who contests the will prevails, your will may end up not being probated and you could lose the chance to control your own legacy.
If you transfer assets using other means, you can avoid this. While a trust can be contested, the fact of your ongoing involvement with the trust during your lifetime usually makes it much harder for the effort to contest a trust to be successful.
Avoiding Probate Can Help You to Keep Your Affairs Private
When your estate is probated, the process becomes court record. This means your will and the steps involved in probating your estate can be known to the public.
A lot of private information about your financial situation comes up during the probate process. You may not want all of this information to be widely known to everyone because of the fact it becomes public record.
If you make a trust and assets transfer through trust administration or through other means outside of the probate process, you can avoid your personal information becoming available to the court and the public as a whole.
Getting Help from Hartford Probate Attorneys
Hartford Probate attorneys at Nirenstein, Horowitz & Associates can work closely with you during the probate process if your loved one has passed away and you must go through probate to facilitate the transfer of assets. Our legal team can also provide help making an estate plan that allows your loved ones to avoid probate so they can benefit from more privacy, more convenience and reduced costs.
To find out about the full array of services that our firm can offer in connection with estate planning and with the probate process, join us for a free seminar. You can also give us a call at 860-548-1000 or contact us online to talk with a probate lawyer about your personalized plans.