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Common Complications of Probate Court (And How To Avoid Them)
Making arrangements for after your death is a delicate process. There may be people who you want to take care of, whether through financial support or other property you pass down to them. However, depending on how you plan for this time, your beneficiaries may have to go through probate court, which is the legal process of dividing up your assets in front of a judge.
Probate court can be a long, tedious, and expensive process for your loved ones to go through after experiencing a devastating loss. However, there are measures you can address as part of your estate planning that can make the process more manageable for your loved ones. A Texas estate planning lawyer can help you sort out your affairs efficiently and with minimal stress, avoiding the various challenges associated with probate court.
Challenge #1: There Is No Valid Will
If you pass without a will, your assets will go through intestate succession, where certain parties are given immediate priority in the division of your estate. The hierarchy starts with your spouse and children, then parents and siblings. Unless you died with an estate valued under $75,000, your assumed beneficiaries will likely have to go through the process of probate to divide up your estate. Additionally, a will might not be considered valid if it does not meet specific criteria.
You may be apprehensive about writing a will. You might have no idea where to begin. An estate planning lawyer can walk you through the process and make sure that the will is legally sound.
Challenge #2: The Will is Unclear
Even if you have a will that holds up legally, your beneficiaries may run into problems if the language in your will leaves too much room for interpretation. This can result in disputes over property ownership or what should be done with your assets. Generally speaking, probate courts will try to discern your intent behind the will’s wording for a good faith interpretation of your wishes.
If you want your will to be airtight, an estate planning attorney can review the will and make sure your instructions for the division of your property and assets are spelled out as plainly as possible.
Challenge #3: Unprotected Assets
Unfortunately, a valid will with clear instructions still has to go through probate–although having clear and actionable instructions will make the process much easier for your executor. When a will goes through probate, any debts you had could be collected by outside parties in a claim, hurting the beneficiaries of your estate.
A living trust can remedy the issues of probate and outside creditors by allowing you to pass down your assets in a secure arrangement, along with specific conditions for the release of those assets.
In estate planning, an irrevocable trust entails permanently setting aside your assets and surrendering control in exchange for protection from creditors and exemption from probate. By contrast, a revocable trust allows you more control, but may not protect beneficiaries from outside lawsuits or claims.
If you want to establish a secure living trust, an estate planning attorney can listen to your concerns and advise you on what option works best for you and your beneficiaries.
Speak with an Estate Planning Lawyer in Denton County, TX
Probate can be a headache at the best of times. With a Flower Mound, TX estate planning attorney at your side, you can take precautions to support your beneficiaries while minimizing their time in the courtroom. Call 972-724-3338 to schedule a consultation with Colbert Law Group PLLC.