Avoiding Probate: Strategies for a Smooth Estate Settlement

Avoiding Probate: Strategies for a Smooth Estate Settlement

Avoiding Probate: Strategies for a Smooth Estate Settlement

  • By: Marketing Team
  • 5 Jun 2024

When it comes to estate planning, probate administration is one of the most complex concepts within the court system—and one that most people would prefer to avoid. It occurs when a will or trust is not up to date, or the deceased person doesn’t have one at all, leaving the courts to make all the messy decisions regarding asset distribution. As you can imagine, this can cause lots of familial disputes and complications.

To avoid leaving your loved ones with confusion about what you wanted following your death, it’s important to act now. You should seek reputable legal counsel and get your will or trust drafted and executed as soon as possible.

Why Should I Have an Estate Plan?

First of all, everyone deserves the right to set in writing what they wish to happen to their assets after they pass away. No matter whether you have only one small property or several, a modest savings account or significant funds for your grandchildren, you are entitled to legal representation regarding your desires and wishes.

Secondly, it’s important to remember that after your death, your beneficiaries—be they family members, friends, or organizations like your local church—will have a lot to contend with. Straightforward legal paperwork will make their lives significantly less stressful during their time of grief.

Should I Get a Will or a Trust?

The challenges associated with estate planning are far-reaching, especially if you have minor children at the time of your death, you own a business or two, or you have vacation or rental properties outside of Michigan. For people in this situation, we typically recommend revocable trusts instead of wills. Despite the fact they are often more expensive and time-consuming, they are intended for people with a greater number of assets, such as businesses and extra properties over state lines.

If this sounds like you, this might be your best option. If you have no additional properties and you don’t own a business, you will be relieved to know that a will is a very good choice for you, and it is a much more affordable option.

Whichever estate plan you choose to move forward with, it is crucial that you do so with the guidance of a skilled legal team. Striegle Law is familiar with the nuances of estate planning and can provide assistance if you are struggling to choose the best course of action. We also assist clients with updating and revising their estate plans on a regular basis, something we strongly recommend for your peace of mind.