Probate is often talked about in a negative way, but it is not always a bad thing. The general idea of probate, according to the American Bar Association, is to provide protection and prevent your assets from going to someone who has no right to them. Reports of probate being a long process that is incredibly expensive are often exaggerated. What you will find is that most New Jersey probate cases move through the court rather quickly.
There is a lot of talk about what you can do with your estate plan to avoid probate. While you certainly can create trusts and set up joint tenancies to avoid probate, that may not always be in your best interests. Instead of focusing on how to avoid probate, you should look into how probate could be helpful.
First of all, it is a legal process, so it is very difficult for someone to scam their way into getting your assets. Furthermore, it ensures the court monitors everything so that your heirs know the expenses of your estate, which include taxes due. This can help heirs to avoid issues later due to unpaid taxes.
The main thing to keep in mind is that you should not look at probate as a bad thing necessarily. You can make it as beneficial as possible by ensuring your estate plan is well written and ready to go at any time by doing regular revisions and updates. With a solid plan in place, probate can be a quick process where your heirs get the most benefit from it. This information is for education and is not legal advice.
