Most people have heard the general advice that it’s a good idea to engage in estate planning with an experienced attorney because it assists with avoiding the probate process. While it is certainly true that one of the most commonly explored aspects of estate planning has to do with avoiding probate, you may not actually understand the two main reasons why it makes sense to avoid having your estate go through the probate process.
Using estate planning tools such as trusts help to remove some of your assets from going through the probate process, which can ultimately make things easier for your beneficiaries. There are two major reasons that most people wish to avoid probate.
First of all, it can be extremely expensive. Court and attorney fees associated with the clerical process of probate can absorb up to 5% of an estate’s value. Furthermore, given that probate must be scheduled through the courts which are usually quite full in terms of schedules and dockets, your property can be tied up for months or even more than a year.
This is rarely in the best interests of your beneficiaries and is one of the primary reasons that people will set up a meeting with a Georgia estate planning attorney as soon as possible to discuss all of their options. Having an attorney who helps you use tactics and strategies to give you more privacy and more control and flexibility over how your property is passed down can make things easier not just for you, but for your loved ones as well.