Larmore Scarlett, LLP
Find Solutions To Your Legal Problems 610-444-3737

Tips for preventing probate: part one

If you've been looking into drafting or updating your estate plan, you have likely come across the term "probate." Probate is a court-supervised process that sorts out and transfers a person's property upon their death. Typically the decedent's property is collected after death, certain debts, claims and taxes are paid from the estate, any disputes over assets are settled and eventually the property is distributed.

Probate does offer some benefits if you would like your property transferred in a public forum with court supervision. However, if you want more control over your assets you may wish to avoid probate. The process can be time-consuming, costly and vulnerable to error. In addition the cost of probating your estate may leave less for your heirs.

If you want to avoid probate there are several ways to do it.

One way to keep assets out of probate is to put them into a trust. A living trust allows you to transfer assets into the trust and name yourself as the trustee. This means you retain control of your assets and, since those assets will be in the name of your trust they will not go through probate. A living trust also allows you to set up successor trusts and provide instructions for handling those assets.

Trusts are a great option for avoiding probate of your assets but they are by no means the only one. Next week we'll discuss some additional estate planning vehicles that can help you ensure your family's financial future.

Source: Law and Daily Life, "How to Avoid Probate of Your Estate," Andrew Lu, March 31, 2013

To learn more about the probate process and other estate planning tools, please visit our website.

No Comments

Leave a comment
Comment Information

Providing strong legal representation to residents and businesses throughout southeast Pennsylvania for more than 70 years.

Contact Our Firm

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Firm Location:

123 E. Linden Street
P.O. Box 384
Kennett Square, PA 19348

Phone: 610-444-3737
Fax: 610-444-9532
Kennett Square Law Office Map

Larmore Scarlett, LLP

Firm Numbers: