Many think the purpose of drafting a will is to avoid probate. When most people hear the word probate, they think “dispute”. Probate doesn’t mean disputed; it means the legal process of having the court recognize a person’s will as their “last will” and that it’s legally valid. And then, also appointing the person named in the will to be the independent executor — the person to run the estate.
A will is not self-effectuating, by which I mean that it requires a court order to make it the last will and to validate the choice of the executor. Nobody has the right to control your estate until they have been court appointed to handle that estate.
So estate planning isn’t about avoiding probate; it’s about making the probate process smoother. Now the option of a revocable living trust is designed to avoid probate and we will address that in a later video, but for those who choose to do their planning with a will, what we are trying to achieve is a clear straightforward legal document that names a qualified person to run the estate so that the court process is smooth, efficient, and inexpensive.
So when we do planning with a will, we are not seeking to avoid probate just to make it less expensive.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
