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Probate and Ways to Avoid it

What is probate and what can you do to avoid the probate process?

Probate is the legal court process by which a deceased person's estate is distributed to heirs. Probate goes through the court system and can take 1-3 years to complete and as such can be time-consuming, costly, and burdensome.

What documents can you prepare in order to avoid the probate process?

There are 2 ways to avoid probate:

1) Prepare a Trust during your lifetime

You can prepare a trust, which is a legal document that provides instructions on how and to whom assets will be distributed upon the trustor's death.

2) Prepare a Transfer on Death Deed during your lifetime

You can prepare a Transfer on Death Deed, which is a legal document that allows the owner of real estate to transfer title thereof to a beneficiary upon the owner's death.

Conclusion

As probate is costly and time-consuming, you may consider preparing a Trust or a Transfer on Death Deed during your lifetime to avoid probate at your death.

Article Source/Courtesy of: Yuka Hongo, Esq. (Hongo Law Office, LLLC)
This information is not intended to be a substitute for specific individualized tax, legal or estate planning advice as individual situations will vary. HawaiiEstateAndTrust.com nor its registered representatives or employees, offer tax or legal advice. As with all matters of a tax or legal nature, you should consult with your tax or legal counsel for advice.

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