Probate Process

The term “probate” represents the court process where the decedent’s debts might be paid, and their assets transferred to any possible heirs. While it might seem like a straightforward process at first, probate can often turn out to be quite time-consuming and demanding, especially if the decedent didn’t have an estate plan set in place. To that end, if you wish to make the future probate process easier and less stressful for your family, here are some of the most important estate planning considerations you should take care of now:

Start by creating a will as soon as possible

No good estate plan can exist without a carefully crafted will, which is why it’s recommended to begin this process by creating a Last Will and Testament as soon as possible. While it’s entirely natural not to wish to think about what happens after we’ve gone, making a will might give us some peace of mind, knowing our wishes and demands will be met, even when we’re no longer here.

What’s more, when you specify the people you wish to inherit your assets and select a trusted executor of your will, it will make any legal complications in the future far less likely, possibly even saving your loved ones from a long and stressful court process during a difficult time.

Don’t forget about the smaller details

When creating their will and planning the ideal division of assets, many people tend to overlook some details that don’t seem to be all that important at first. However, if these aspects are not taken care of, they could present some legal challenges for your family in the future.

For instance, when dividing their properties, many people tend to forget about the home they’re currently living in, assuming that property will automatically go to their family. However, that might not always be the case, which is why your current home should be included in the will as well. Similarly, don’t overlook the smaller details, such as family heirlooms or other personal items, to ensure they will be going to your family as well.

Consider obtaining a Grant of Probate

When someone passes away, and a trusted person has been chosen as the executor of their will, they might still need to apply for a Grant of Probate. This document recognizes that your will is legally valid, and legally authorizes the chosen person as the executor of your estate.

If you want to ensure your family doesn’t have to deal with plenty of paperwork and tedious processes once you’re gone, it might be a good idea to hire experienced probate lawyers who will help your executor to obtain a Grant of Probate, and assist them with any other estate administration aspects. This will help to ensure legal processes for your family are as pain-free as possible during such an emotionally difficult time.

Think about creating a living trust

Possible court cases could drag on for quite a while, meaning that your family members might not actually receive their inheritance for months, if not longer. If you want to ensure a financially secure future for your loved ones after you pass away, you could also consider creating a living trust, including some or even all of your assets.

Within a living trust, a chosen trustee will help you manage your properties and assets, easily transferring them to any selected beneficiaries one you’re gone. This tends to be a much quicker process than court cases, which generally doesn’t cost anything, meaning it might save your family plenty of stress during an already demanding period.

Take care of other estate planning aspects

Estate planning doesn’t only include the division of your assets once you pass away. You should take all future possibilities into consideration, such as those where you are incapacitated or unable to make your own decisions, and take care of those possibilities as well.

For example, you might want to give one of your family members the power of attorney, allowing them to manage your finances according to your wishes, if you are not able to do so yourself. Similarly, it would be wise to appoint a healthcare directive to a trusted person, which will give them the legal right to make any healthcare decisions on your behalf, in case you are debilitated or unconscious.

While the process of estate planning is undoubtedly uncomfortable and difficult for most, making a good plan in advance will give you some peace of mind, and make it easier for your family members to ensure your wishes are met once you’re gone.

About the author: Mike Johnston is an avid blogging enthusiast and experienced freelance writer. He’s a regular contributor to numerous online publications, where he writes about business, finance, technology, and management.

By Anurag Rathod

Anurag Rathod is an Editor of Appclonescript.com, who is passionate for app-based startup solutions and on-demand business ideas. He believes in spreading tech trends. He is an avid reader and loves thinking out of the box to promote new technologies.