As a Pennsylvania resident, it’s understandable to ensure your loved ones won’t want for anything after you’re gone. You also wouldn’t likely want them going through a lot of stress after you pass away. If you don’t create an estate plan, it can leave the future of your assets up to a probate court.
What makes probate something people want to avoid?
Having an estate go through probate court seems easy enough. However, actually starting the probate and estate administration processes are far more time-consuming than the average person realizes. Depending on the size of an estate, it can take months or even years for probate proceedings to complete.
The other drawback of a probate court is that it can often be more expensive than people realize. You might be unaware that the funding to pay for probate proceedings comes from the decedent’s estate. Each time your estate incurs probate-related costs, it leaves fewer assets for your beneficiaries.
Avoiding probate with a proper estate plan
The best way to avoid probate court is by having an estate plan in place. An estate plan lets you map out who receives your assets and what they’ll receive.
A critical part of the estate planning process is setting up a will or trust. During this time, you can also create an incapacity plan. An incapacity plan lets you choose someone to make decisions for you if you’re medically unable to do so.
You might think that only the ultra-rich need estate plans, but that’s not true. No matter the size of your estate, setting up wills and trusts make life much easier for your loved ones after you pass away.