Using a trust as a way to avoid the probate process

After the death of a loved one, those left behind will face the task of settling his or her estate and overseeing the distribution of assets. In many cases, this requires the completion of probate, which is the court-supervised process of validating the will and handling other matters. As probate is often lengthy, complicated and expensive, many North Carolina adults want to create estate plans that will not require this process. 

Understanding probate 

Probate can take months to complete as it involves the validation of the will, location of assets and valuation of remaining assets. The executor of the estate will also need to oversee the payment of any remaining debts and liabilities, and he or she will distribute remaining assets according to the terms of the will. This can take even longer if there are issues with the estate or disputes among heirs. 

Any assets held in a trust do not have to go through probate. As there is a wide variety of trusts available, and the right choice depends on one’s desired outcome for his or her assets in the future. Trusts are a practical tool that can eliminate the need for probate when it is time to settle the estate. 

Is a trust the right choice? 

If a North Carolina adult has the goal of creating an estate plan that helps him or her avoid probate, a trust may be the right choice. However, an assessment of the specific case will allow one to identify the most effective way forward. Speaking with an experienced estate planning attorney will provide an understanding of how to implement trusts most effectively.