There are many legal aspects associated with closing an estate. Many New York residents likely know that probate is the process that finalizes a deceased person’s affairs, but a number of individuals also think the process is one that should be avoided at all costs. However, probate does not have to be viewed in that light, and estate planning can help individuals determine whether using the process could suit their desires.
Because money and inheritances are often points of concern when it comes to making estate plans, many individuals think it may be best to avoid the costs associated with probate. It may interest parties to know that the cost of going through probate is similar to the expenses of creating a plan to avoid the legal process. When it comes to the financial aspect, it may simply be more of a choice of whether a person wants to pay the costs now while avoidance planning or allow the estate to pay later during probate.
Privacy is also a factor that many parties consider when creating their plans. If they would like their affairs to remain out of the public record as much as possible, avoiding probate may be in their best interests. On the other hand, if someone does not feel especially concerned about others knowing the details of the estate, simply moving ahead with probate may be a viable choice.
Whether a party wants to avoid probate or not, estate planning can help make sure that the chosen route of finalizing affairs is followed. New York residents can explore their planning options and assess their feelings regarding probate as a whole. Gaining more information on this legal process may help concerned individuals determine whether it is worth avoiding.