Many people assume that the only planning document they need to keep their assets out of Probate Court is a will. Actually, the opposite is true: Relying on a will to distribute your estate guarantees that your estate will go to probate court. But, there are ways to avoid the probate process entirely.

What goes through Probate?

After your death, any asset that doesn't have a beneficiary named must pass through Probate Court. The Probate Court pays your bills and taxes and normally distributes what's left to the heirs you identified in you will.

What's so bad about Probate?

For most people, Probate is unnecessary. It causes unnecessary delay and expense that is not required if you plan ahead. The actual process varies from state to state and some are more complex that others. In Ohio, the hassle-factor depends on the size of the estate, whether or not an original will is available, whether the spouse elects against the will and whether any of the potential heirs will challenge the will. If you own real estate in more than one state, you’ll probably have to initiate probate in each state.

I don't have a Will, so what?

If you don't have a Will or Trust and you have assets with no beneficiary, those assets must go through the Probate Court before they are distributed to your heirs. The Court will pay your bills and decide who your rightful heirs are. This is done by the law of Descent and Distribution. This is a complicated process that may disinherit those you love. Before you decide to do nothing, be sure you understand the implications of not planning!