Avoid Probate Delays With These Tips

Probate can often be a lengthy and complicated process, but your Knoxville, TN probate lawyer can walk you through the process. Carpenter & Lewis PLLC specializes in estate and business cases, and our focus means you’re getting the dedicated service you need. Here are some tips to make probate a little easier.

Tip 1: Ensure Your Will Is Up To Date And Clearly Written

One of the most straightforward ways to avoid delays in probate is by having a clearly written and up-to-date will. A will that clearly articulates your wishes regarding the distribution of assets and the care of minor children can prevent misunderstandings and disputes among your heirs, which are common causes of probate delays. Review your will periodically, especially after major life events like marriage, divorce, the birth of a child, or the death of a named beneficiary.

Tip 2: Clearly Identify And Inventory Your Assets

Before your will can be executed, your executor needs to have a clear understanding of what comprises your estate. This process can be streamlined if you maintain a detailed list of your assets, including bank accounts, investments, property titles, and personal valuables.

Tip 3: Utilize Beneficiary Designations

Many financial products such as life insurance policies, retirement accounts, and even some bank accounts allow you to designate beneficiaries directly on the account. These designations typically bypass the probate process, as the assets are transferred directly to the named beneficiary upon your death, without having to be mentioned in the will. Make sure these are kept current to reflect your wishes.

Tip 4: Consider Setting Up A Trust

A trust can be an effective tool for avoiding probate because assets placed in a trust can be transferred to beneficiaries without probate. Trusts are not just for the wealthy; they can be particularly useful if you own real estate in more than one state by avoiding multiple probate proceedings.

Tip 5: Gift Assets During Your Lifetime

Another way to minimize your estate’s exposure to probate is by gifting assets while you are still alive. This not only reduces the size of your estate—and potentially your tax liability—but also allows you to see your heirs enjoy their gifts. Keep in mind there are annual limits on how much you can gift to an individual without incurring tax liabilities, so consult with a professional about the current regulations.

Tip 6: Pay Attention To Joint Ownership

Assets owned jointly, typically with the right of survivorship, will pass directly to the surviving owner(s) without going through probate. This type of ownership is common between spouses and can be applied to bank accounts, real estate, and other significant assets. Ensure that the intent for joint ownership is clearly documented to avoid any confusion during the probate process.

Tip 7: Keep Good Records

Good record-keeping helps your executor and beneficiaries understand your estate planning decisions, reducing the chance of disputes and simplifying the probate process. Documentation should include details about debts, such as mortgages and loans, which need to be settled before other assets are distributed.

Contact Us Today

At Carpenter & Lewis PLLC, we specialize in providing tailored advice to help you effectively manage your estate. If you’re looking for guidance on how to streamline your estate planning process and keep your assets out of probate, contact us today.

Avoid Probate Delays With These Tips