- Probate is not scary. There is a common misconception (often used to sell more expensive trust-based plans) that probate is scary and expensive. Probate can be a routine process and in some cases probate may be easier and cheaper than other options.
- A will does not prevent probate. A will on its own does not transfer property. The will must be submitted to the probate court upon death to take effect. A will does allow you to select the Personal Representative (Executor) to handle your affairs, direct the distribution of your probate assets, appoint a Guardian for minor children, and establish a trust for your beneficiaries.
- Not all property is transferred in probate, some property can be transferred without probate. Property that has a joint owner, beneficiary designation, or is owned by a trust is non-probate property and transfers without a probate process (even if the estate requires probate for other property). For small estates, there is a process to transfer property without the need for probate.
- Not all estates will require probate. If all property is non-probate or it is a small estate, probate may be unnecessary.
- Jointly owned property must be transferred to the surviving owner. Accounts and titles held jointly will be transferred to the joint owner upon death, and prior to any probate proceeding.
- An organized and responsible personal representative is important. Personal representatives should be selected based upon their skills to handle the job, not their relationship to you.
- There’s more to estate planning than a will. Along with a will, health care directives and financial powers of attorney are necessary documents for a complete estate plan. Parents should consider temporary guardian designations for minor children. Prenuptial agreements are useful for blended families. A variety of trusts exist to provide extra protection in many situations.
