Avoiding probate has many benefits: it saves time, money, and the privacy of your family. It also means that your assets are distributed according to your wishes instead of how the court sees fit. Families and loved ones often wish to avoid probate, but without the right plans in place, it’s an unavoidable process. Fortunately, there are several ways to prevent an estate from going through probate.
How to Avoid Probate
There are several strategies for avoiding probate in Arkansas. The first and best option is solid estate planning with the assistance of an estate planning attorney. A lawyer can take an otherwise overwhelming process and make it more manageable to ensure your assets are distributed in the ways you want. It’s never too early – or too late – to begin forming an estate plan. There’s no such thing as too few or too many assets when it comes to estate planning, either.
However, sometimes a person has reasons to avoid forming an estate plan. Other times, they might simply fail to put a plan in place. In those cases, there are a few ways to avoid the probate process for specific assets. Many of these strategies are a piece of the estate planning puzzle, but without a proper plan in place, can help to avoid probate for certain accounts and property.
- Jointly owned property
- Transfer-on-death accounts
- Assign beneficiaries
- Living trusts
- Gifted assets
Why Avoid Probate?
As you can see, probate is a complicated and often lengthy process for everyone involved. Most families and asset holders would prefer to avoid probate if possible. These are just some of the reasons for avoiding probate.
Privacy
Probate falls under public record in Arkansas, which means that the decedent’s assets are fully available to the public. When an estate goes through probate, all property and assets are exposed, which allows anyone to learn about them.
Time
Settling an estate through probate is not a quick and easy process. Probate takes time, and deciding how someone’s assets are distributed is left up to the court. How long it takes for an estate to complete probate depends on the Arkansas county and the size of the estate,
Money
The probate process is costly. Between attorney fees, court costs, and other expenses, the total value of the estate is often significantly diminished after going through probate. Avoiding probate saves money that would otherwise be distributed to beneficiaries.
Emotional Wellbeing
For many, probate is an emotional process. Along with dealing with the death of someone you love, you’re now faced with probate court. Without an estate plan in place, families and loved ones often disagree over how they believe assets should be distributed. However, with an estate plan, there is no question as to how your assets will be distributed among beneficiaries, which can help to avoid conflict.
Probate and Estate Planning Assistance in Arkansas
Whether you’re at the starting point of planning your estate or facing probate after a loved one’s death, L. Jennings Law can help. Our law team is experienced with all aspects of estate planning and probate administration. No matter where you are in the process, L. Jennings Law is here to consult with you and your family to help you protect your assets and the future of your loved ones. Contact us today to schedule a consultation.
