Can Probate be a Good Thing?

You have probably heard that you should avoid probate at all costs. Generally speaking, this is good advice. The probate process can be time-consuming and expensive. It also puts your private affairs out into the public. However, there are certain circumstances where allowing a portion of your estate to go through probate can be helpful.

If there are numerous creditors with claims against the deceased’s estate, probate can be beneficial. The probate process allows you to set a strict deadline for creditors to assert their claims against assets being passed through the deceased’s Will. All creditors who fail to meet the deadline may be barred from seeking to recover the debt owed to them.

If you have created a trust, the assets transferred into the trust do not go through probate. As a result, privacy is maintained. That does not mean creditors can be avoided, but it does create hurdles for them to overcome. Further, if you have a trust, even if some assets have to pass through probate, with a “pour-over Will“, the probate process is much less involved. Without question, trust administration is faster than probate, with less restrictions.

You may want to consider creating a trust to protect the majority of your property, while also leaving certain assets to pass through the Will and through probate. This strategy requires significant planning if you are considering asset protection and avoidance of creditor claims. The Astill Law Office has provided high quality legal services for over 30 years. We specialize in wills, trusts, estate planning, and asset protection. If you have any questions about creating a Trust, Will, or estate planning in general, contact The Astill Law Office at 801-438-8698.