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Should I avoid probate?
Probate is perceived by many to be an expensive and time-consuming legal process. Although some situations yield a different outcome, the majority of cases are efficient and without complication. The following scenarios justify avoidance of probate:
- Property owned in multiple states
- Business ownership
- Disproportionate distribution to beneficiaries (including disinheritance)
- A special needs or incapacitated heir
- Second marriage situations (especially when there are children from prior relationships)
- Probate assets that consist of perishable property or assets requiring immediate management
- Lack of liquidity outside of the estate in which to pay for final expenses
- Minor heirs
- There are assets that require quick action and decisions following death (e.g. income producing property or business inventory)
- Importance of anonymity (trusts are private, Wills are public)