Few things are as traumatic as dealing with the death of a loved one. Just as we're experiencing pain, legal issues hit us: Insurance companies, reading the will, investments — suddenly it's overwhelming. And perhaps the most difficult issue is probate.
Probate? It's crucial in tying up the deceased's affairs. Preparing for the possibility of probate early can lessen the emotional stress and strain on you and your family.
Probate is the process a court takes to conclude legal and financial matters after death. The court will distribute your estate. If there's a will, the court will go by what it says.
But it's often not that simple. For one thing, there may not be a will. So the court appoints an administrator who decides how your estate will be distributed. You can't assume that your spouse and children will automatically get everything or even an equal share.
Probate is lengthy and complex for folks not prepared for it. No will? Many assets? You don't have to be rich to encounter problems, but being wealthy adds complications.
Here's a list of problems and the ways to avoid them:
How can you avoid this?
To avoid probate, families should plan in advance and consult professionals about which financial instruments are best for them.
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