Many people have the mindset that they want to avoid probate, but the probate process is not a bad thing. It is actually beneficial because it ensures the legal transfer of assets according to your wishes. The court upholds your estate plan and makes sure that what you want to happen is what actually happens. However, probate can become complex if issues come up during the process. It is in everyone’s best interests that you plan now to avoid issues during probate.
The American Bar Association explains that taxes are often one of the biggest issues that come up during probate. These are easily enough to avoid if you include allowances for taxes in your estate plan. You should estimate your tax expenses and try to set aside funds to cover them. If you do not, taxes come out of the inheritance you leave for heirs.
You also need to ensure that you include everything in your will. This includes property you want to go into trusts that will not transfer automatically. You need to account for them to avoid problems with the trust during probate.
You also need to account for fees associated with trusts and estate administration. You do not want to leave your heirs having to come up with the money and delaying probate. You may need to pay people that include your executor and trustees. You may also need to cover real estate fees associated with the transfer of property. It is important to go over your estate plan and look for possible fees that you need to incorporate in your plan.