Probate is court supervised estate administration and requires extra court costs, attorneys fees, red tape and delays. Greensboro Estate Planning Attorney Dennis Toman briefly explains what probate is, and how to avoid it.
Many times, there are different reasons for doing estate planning and long term care planning and one of the questions is, “How do I simplify my estate for my family?” And one of the worries that we frequently hear about is, “How do I avoid probate?”
Well, probate is court-supervised estate administration. Any assets that pass under a Will are subject to probate. That means that they have to be reported to the court; the court is going to have oversight on that, and it’s going to be extra red-tape, extra court cost and extra delay.
Now fortunately, North Carolina is not as bad as some states for probate, but still it is important to consider how to simplify estate administration especially when we’re passing assets down to the children. Probate between spouses is not so bad.
But when it’s probate down to the children, that’s when typically we like to have a revocable living trust in place, or an irrevocable trust, because both will help to avoid probate and court supervised estate administration.