What is probate, and how can I avoid it?

Probate is a legal process that takes place after someone passes away. It involves validating the written will of the deceased individual to determine the rightful heirs of their estate. It is overseen by the court, and its purpose is to ensure that the estate is properly distributed according to the will. In Maryland, probate may be avoided if a person has set up a revocable living trust. A trust is an arrangement in which one person (the grantor) transfers property to another (the trustee) to manage for the benefit of a third person (the beneficiary). This trust arrangement avoids probate, because the property is already owned by the trust, instead of the deceased individual. Other ways to avoid probate include having a jointly held account or creating a "payable on death" (POD) account, where money is transferred to the beneficiary upon the death of the account holder. Additionally, a person may designate beneficiaries to their life insurance policy and retirement accounts. Transferring property to living family members also avoids probate, as the property will be owned by the living relative. In Maryland, estate planning attorneys can help individuals set up a trust or other estate planning strategies that will avoid probate. It is important to have an experienced attorney when making these decisions, as they can help ensure that the individual’s wishes are followed and that their estate is properly distributed after their death.

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What is probate, and how can I avoid it?

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