Myths and Truths of Estate Planning – True or False: If you have a Last Will and Testament, then your estate avoids probate. What have you heard?

Home/Company News/Myths and Truths of Estate Planning – True or False: If you have a Last Will and Testament, then your estate avoids probate. What have you heard?

False. A Last Will and Testament does not avoid probate; it only directs where property goes after probate has been completed.

Most people wish to avoid their estate going through probate and save their family from the grief of a prolonged probate process. However, there seems to be a disconnect between popular belief and reality since most people mistakenly believe that a Will avoids probate. And the fact is that most people rely on the advice of attorneys who make a lot of money on managing the probate process after death. It is possible that their advice may be biased towards their own self interests.

There are methods of avoiding probate that are effective, such as a revocable living trust. But if anyone ever told you that their estate will avoid probate because they have a Will, then they are very muich mistaken.

By | 2017-05-20T16:43:41+00:00 May 13th, 2010|Company News|0 Comments