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Any property that is transferred by will is subject to probate, the legal process of proving in court
that a will is valid. Because the process can be slow, expensive and frustrating, many people make avoidance of probate the
focus of estate planning. Should you?
Probate is often a code word for avoiding lawyers’ fees, but the fees
to probate an estate differ widely depending on where you live. Ask an estate-planning lawyer if probate costs in your state are especially burdensome. Consider, too, that probate can provide a useful forum if your
estate has debts or claims from creditors. The alternative for resolving such claims is litigation, (lawsuits), a much more
expensive and complicated process than probate.
If you wish to avoid probate, you can take advantage of other
legal strategies for transferring your property such as pay-on-death accounts, joint ownership, and life insurance. Proceeds
from life insurance policies, trusts, pensions and IRAs pass directly to whomever you name and are not subject to probate.
These strategies should not be thought of as substitutes for a will but as supplements to your plan for passing on specific
parts of your estate. I am not a lawyer. I will not detail any strategies for avoiding probate here because I am not qualified
to do so. Go to next page: Reasons to Avoid the Probate Process
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