Does a Last Will & Testament Avoid Probate?
Tony B. MannsTony B. MannsWe often hear clients concerned about “probate” and looking for ways to avoid it. Probate is the legal process for settling a deceased person’s estate and involves validating their Last Will & Testament (“Will”), paying any required debts and taxes, and distributing remaining assets to beneficiaries. Although a Will does not avoid probate, it allows you to dictate the terms of how probate handles your estate and makes your instructions legally effective. Your Will covers probate assets, meaning those assets owned solely by a deceased individual without designated beneficiaries or survivorship features. For example, if a vehicle is titled jointly with your spouse, typically that means once you pass away, it is owned by your spouse and not subject to probate. If a 401k has properly designated beneficiaries, it will not be a probate asset and will transfer to the appropriate beneficiaries. Therefore, there are steps you should take to allow some assets to avoid probate so that only those items necessary to be subject to probate are covered in your Will.
You should consult your elder law attorney to ensure your Estate Plan is drafted properly, executed effectively, and address your concerns adequately and legally.
