The probate process identifies an estate’s assets, pays outstanding debts, and distributes the remaining assets to heirs and beneficiaries. During probate, the assets are frozen until the probate court and executor have deeply reviewed the situation. The probate process is carried out to minimize the risk of fraud and make sure the assets of an estate are passed to the right people or charities. 

However, probate can usually lead to financial strain and stress for family members. A lot of people look for ways to avoid probate or reduce its effect on their loved ones. A well-thought-of estate plan can streamline the distribution of assets to beneficiaries. It should be created with the help of an estate planning lawyer like the ones from The Ebbert Law Firm. Also, an attorney can help the executor explore probate alternatives to simply the process for all parties involved. 

Using Estate Planning Tools

A solid estate plan is a gift that can provide your family members with. With this plan, you can also prepare for any contingencies while you are still alive like unexpected incapacitation because of old age or injuries. It lets you make your intentions known about how your estate must be managed once you die.

Each estate is different, and your estate plan must suit your needs and allow for the most efficient asset transfer. Below are strategies you can use to simplify probate or avoid it altogether:

• Crafting a comprehensive will. A will and testament can streamline the probate process. When drafted clearly and properly, it can guide asset distribution and ensure the estate does not go through the intestacy proceedings of the state. Also, a will names an executor who will carry out your wishes. 
• Set up a trust. A trust can save your loved ones from going through probate. Trust-held assets aren’t subject to the probate process and can be distributed directly to your chosen beneficiaries. This can minimize the cost and time related to probate and may have positive tax implications. A lot of trusts are available with various structures, benefits, and maintenance costs. Discuss all your goals with your attorney to determine whether establishing a trust is right for you. 
• Designate beneficiaries. Some assets like pensions, retirement accounts, payable-on-death accounts, and life insurance policies let you designate beneficiaries. Such assets will pass directly to your beneficiaries when you die without going through probate. 
• Use joint ownership. Jointly owned assets that have rights of survivorship do not go through the probate process. The surviving owner will automatically inherit the assets when you die. Another form of joint property ownership is tenancy by the entirety that married couples can avail of to avoid probate. 

How an Executor Can Simplify the Probate Process

Before you die, several methods to simplify the probate process in Tennessee should be implemented. But the executor may be able to ease the transition for your heirs and beneficiaries following your death. The probate process can be simplified or expedited, but this may not be the right process for all estates. The executor should consult with a skilled attorney before they undertake actions to make sure they understand the steps to take and avoid pitfalls or delays. 

The executor can use small procedures to simplify probate if applicable. They can also utilize Probate for Muniment of Title, which is applicable if the only asset in an estate that must be distributed is real estate. In addition, the executor must plan ahead and organize the probate process. An attorney can help make sure all legal requirements and deadlines are met. They can work with an executor to ensure the probate process runs smoothly.