The Problem With Probate Litigation
If you have a will then, in the event of your passing, that will is likely to go through probate. By going through probate, your assets can be assessed, allowing them to go to your chosen beneficiaries.
Even though the process outlined above usually goes very well, there is always the possibility that someone connected to your estate will file probate litigation.
Going over the problem with probate litigation, and speaking with a Florida estate planning lawyer at Millhorn Elder Law Planning Group will help you avoid any potential problems.
What Is Probate Litigation And Why Is It A Problem?
Probate litigation is litigation filed against those who are connected to your estate plan. And, this could be the executor or administrator of your estate, as well as a multitude of third parties that may be connected.
By filing probate litigation, an individual connected to your estate – a family member, for example – can contest your will and, in turn, the terms and conditions of your will.
Just as an example, if you have chosen to give your son the house you currently live in, but your daughter disagrees with this choice, she could file probate litigation in order to contest this choice.
Depending on the circumstances that underlie this probate litigation, the wishes outlined your will may not be honored, as a result of the litigation.
On the other hand, if the probate litigation is unsuccessful, your wishes may still be honored. But, it may take a lot longer for the probate process to conclude, draining the value of your estate in the process.
Both of those situations constitute the two major problems with probate litigation. You can avoid these problems with proper estate planning.
How Can You Avoid Probate Litigation?
You can avoid probate litigation by employing a number of different estate planning tools. Out of all these tools, the three outlined right below are the best:
- You can set up a trust that allows your assets to go directly to your chosen beneficiaries, as opposed to going through the probate process.
- You can develop a will that is very comprehensive and, in being comprehensive, addresses all of the problems that could arise after your death.
- You can set up a condition, in a trust, that forces those who engage in probate litigation off of your estate plan, allowing the items set for them to go to another beneficiary.
Developing a trust can be very challenging. And, as such, if you want to go with a trust, you will want to speak with a lawyer who can help you figure out the following:
- The trust you want to create.
- The assets you want to put in this trust.
- The terms and conditions you want to set up for this trust.
Figuring out all of the above will allow you to develop a trust that satisfies your estate planning goals.
Speak With A Florida Estate Planning Lawyer Today
If you would like to develop an estate plan that satisfies all of your needs and wishes, you should speak with a Florida estate planning lawyer today.
Sources:
law.cornell.edu/wex/probate
law.cornell.edu/wex/will