What is probate and how can you avoid it?
The typical probate situation we encounter goes something like this: An heir’s parents or grandparents have passed away and left them with an inherited property, and they don’t know what to do next.
Probate is something we’ve encountered in the last couple of real estate deals we’ve handled. In those deals, we worked with people who thought their paperwork was complete when it actually wasn’t. In fact, we’re handling a deal now where the people involved thought they had their wills signed, but that didn’t hold up in court. Their will was hand-written and signed, but it wasn’t notarized.
It’s never fun to be the bearer of bad news and explain how the probate process works and how long it might take. This is why it’s important to have a living trust in place.
A living trust will save you time, money, and frustration because it allows you to bypass the court system. Court cases take a long time. Plus, they’re very expensive. In most cases, you’ll need to hire a legal document preparer or an attorney to help you, which, again, can cost a lot of money. All of this is made even more challenging considering you’re in the middle of the grieving process.
If you’re facing a probate situation similar to one we mentioned above, reach out to us so we can help you outline your next steps. If you need an attorney, we know plenty of them, so we can direct you to the right ones. If you don’t hire the right attorney, it will cost you more time and frustration because probate might not be their specialty and they might not be aware of how the court system works in those cases.
If you don’t have a living trust, we also recommend that you reach out to us. Having one will save you and your heir(s) a lot of grief and money.
This is an area we specialize in, so if you have any questions about this topic or you need our help, don’t hesitate to reach out to us. We’d be happy to help.