Avoiding Probate: Everything You Need to Know

When someone dies, their estate must go through a legal process called probate. This can be a lengthy and expensive process, and it’s often something that people want to avoid if possible. Fortunately, there are several strategies for avoiding probate. In this blog post, we will discuss what probate is, why you might want to avoid it, and some of the best ways to do so. We will also talk about why probate might not be as bad as you think, and why having an experienced Milwaukee probate lawyer on your team is the best strategy for making the whole process run more smoothly.

I’m Probate Attorney Robert Fricker. At Fricker Law, I have represented many clients in probate proceedings, and I have helped countless others avoid probate altogether. Contact me today for support as you move through the probate process.

First, What is Probate?

Probate is the legal process that is required when someone dies and leaves behind assets such as a house, bank account, or other property. The purpose of probate is to ensure that the deceased person’s debts are paid and that their assets are distributed according to their wishes.

Probate can be a lengthy and expensive process, taking months or even years to complete. It is often overseen by a judge, and it requires the help of an attorney. Because of the time and expense involved, many people want to avoid probate if they can.

Strategies for Avoiding Probate

There are several strategies for avoiding probate. The best strategy will depend on your individual circumstances. Some of the most common strategies for avoiding probate are:

Creating a living trust-  A living trust is a legal document that allows you to transfer ownership of your assets to a trustee. The trustee is then responsible for managing the assets and distributing them according to your wishes.

Designating beneficiaries-  Many assets, such as 401(k)s and life insurance policies, can be designated with a beneficiary. This means that the asset will go directly to the beneficiary when you die, without going through probate.

Transferring ownership- You can transfer ownership of some assets, such as your home, to another person before you die. This can be done through a legal document called a deed.

Giving away assets during your lifetime- You can give away assets that will be subject to probate, such as cash or jewelry, during your lifetime. The gift must be made to a specific person and it cannot be given with the intention of getting it back at a later date.

Why Probate Might Not Be So Bad

In some cases, probate might not be as bad as you think. Probate can provide certain protections for your beneficiaries. For example, if you have young children, probate can help ensure that their inheritance is managed responsibly by a court-appointed guardian.

In addition, probate can give you the opportunity to settle any debts or disputes that might be outstanding. This can provide peace of mind for you and your beneficiaries.

Finally, most people assume that probate is an extremely lengthy process but this is not always the case. Depending on the size and complexity of the estate, the probate process can go quickly. To understand how the probate process may impact your estate, talk to an experienced Milwaukee estate planning lawyer today.

Why You Need an Experienced Milwaukee Probate Attorney

Probate can be a complex and stressful process, but having an experienced attorney on your side will make it much easier. A probate attorney will be with you every step of the way to help you understand what is happening, answer questions, and advocate on your behalf. A probate attorney can also help you plan ahead, crafting a customized estate plan that helps your family have the smoothest possible experience with probate.

I’m Probate Lawyer Robert Fricker. Through Fricker Law, I have represented many clients in probate proceedings, and I have helped countless others avoid probate altogether. Contact me today for support as you move through the probate process.