Probate can be a source of stress and uncertainty for many, whether due to personal experiences or stories shared by others. Most people would prefer to avoid it altogether, but is that possible? The answer is yes—and with proper planning, you can spare yourself and your loved ones from what is often a lengthy and costly process.

Probate is the court-supervised process that distributes a deceased person’s property, such as bank accounts, real estate, and investments. Depending on the size and complexity of the estate, the process can take anywhere from several months to several years to complete, leaving heirs waiting for their inheritance. Additionally, creditors may be able to claim unpaid debts from the estate, which can reduce the total amount ultimately passed on to beneficiaries.

Fortunately, there are several ways to avoid probate, including setting up a living trust, utilizing beneficiary designations, creating transfer on death (TOD) or pay on death (POD) designations, and establishing joint ownership of assets. Each option has its own benefits and considerations, so it’s important to understand which strategy is best for your situation.

At Gibbons | Neuman, our experienced estate planning attorneys can help guide you through the process of avoiding probate and create a plan that ensures a smooth transfer of your assets. Contact us today to schedule a consultation.