Probate often sounds like a dirty word. Probate-avoidance services and forms are marketed to make the process seem like a bad thing. Actually, probate is the way the court verifies the will, makes sure certain debts are paid, and oversees the distribution of a decedent’s property. It took a lifetime to generate the assets of the estate. Probate ensures that the court does not take shortcuts in asset distribution.
Probate can take time, though. In some cases, depending on the size of the estate, tax implications, and desires of the testator, probate-avoidance methods, including trusts and pre-death distributions, are appropriate. However, do not let anyone scare you into purchasing an estate planning package from a hotel ballroom seminar. Seek competent legal advice.
Here is some common terminology used in estate planning:
Beneficiary – someone who receives a gift or benefits from a trust
Codicil – an amendment or addition to a will
Decedent – the deceased person
Devise – testamentary gift of real property
Heir – person who is a spouse or descendant
Intestate – person who passes away prior to creating a will
