A recent study from Trust & Will titled “The State of Probate in America” has revealed a great lack of understanding about the probate process among Americans. The study found that most Americans underestimate the potential time and cost involved with the process. The report also highlighted that America is on the brink of a great transfer of wealth as it is inherited from the Boomer to the Millennial generation. But Millennials’ poor understanding of probate, and the sometimes inadequate communication between parents and children about estate plans, could lead to trouble.
Here are some tips to ensure that probate goes as smoothly as possible:
- Hire an elder law attorney: We are not saying this to drum up business — estate planning is complicated, particularly if there are major assets and several beneficiaries. Proper planning now can save time, money, and aggravation in the future.
- Make an Estate Plan: Consider what you want to happen to your property and assets after your death, and whom you want to manage the process.
- Talk to your family: Talking about death can be a difficult conversation for both parents and adult children. It is important, however, that your beneficiaries know that you have executed a Will, and where that Will is located.
- Keep a file of important papers: Related to the last point, you will be doing your children/beneficiaries a great favor by keeping a file of important information, passwords, and whom to contact to process your estate.
Want to learn more about Probate? Check out some of our Probate Blog Posts:
- What is Probate?
- Must a Will go to Probate?
- How long does Probate take?
- What are Probate and non-Probate assets?
- How to avoid Probate.
Have questions? Need help? As caring and knowledgeable elder law attorneys, helping with estate planning is exactly what we do. We are only a phone call or e-mail away, and we look forward to assisting you.
The information provided herein does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.
