Estate planning involves a methodical and systematic transfer of a person’s assets to the intended beneficiaries, in event of an untimely death. The simplest form of estate planning is drafting a last will and testament that guides the attorney in the distribution of assets, after the person’s death. The process of estate planning may also be adopted to minimize tax liabilities, professional fees, and court expenses. The term ‘probate’ refers to the process of legally determining the authority of a will, before a judicial authority. It also refers to the judicial certification of the will, to prevent it from being challenged later.
Probate also refers to the general supervision of the deceased’s will or the estate. The court appoints either a perpetrator named in the will or an administrator if there is no will, to supervise the calculation of the assets. Apart from this, a person is appointed to clear liabilities on the estate and to distribute the assets. Distribution of the assets may be carried out in favor of the beneficiaries named in the will or nominated by the executor.
It is often observed that people try to avoid probate in order to minimize the costs of court involvement and the potential involvement of lawyers, who collect their dues from the estate, of the deceased. The process of probate involves legal and tax complications. Often the beneficiaries are left with the complex task of distributing the assets. Those who wish to document a will are advised to make adequate provisions for the probate. This should be done to avoid legal problems that are bound to arise, while distributing the assets, after the demise of the person. The law steps in to ensure that the distribution is executed, without the involvement or influence of other family members or the beneficiaries.