Avoid Estate Plan Mistakes: How to Ensure a Smooth Probate Process

Most of us want to leave a legacy for our family. Do not let your hard work and sacrifice go to waste by making common estate planning mistakes. Instead, focus on doing these things:

Account for Assets – Make a detailed list of your assets and their current values. Do not just focus on high-dollar value items — sometimes, the most treasured inheritances only have sentimental value.

Check on the Ownership of Property – If you own joint property or property in common with people, they may get your share under state laws. Make changes to ownership before you pass.

Update Estate Plans – Life is constantly changing. Revisit your estate plan and change your plans with any significant life changes — divorces, marriages, births, deaths, and adoptions are some of the changes that should prompt reviewing your estate.

Plan for Estate Taxes – If your state has an estate or inheritance tax, plan for it accordingly. Plus, the tax breaks for larger estates are expected to sunset. Make a plan to handle your estate if those changes will impact you.

Pick the Right Executor – If you have a complex estate, a friend or family member may not be up to the challenges of administration. In those instances, you can hire a professional estate administrator to handle it instead.

Avoid Probate – You may be able to skip probate for some or all of your estate by using trusts to convey property. You can also gift assets during your lifetime.

By following these steps, you can avoid some of the most common estate planning mistakes and make probate a smoother process for your survivors. In some circumstances, you may even be able to avoid probate altogether. An estate attorney can help you determine the details to simplify the process in your state.