Thinking about what happens to your assets after you’re gone isn’t always easy—but taking the time to plan can make a big difference for your loved ones. If you’ve started looking into estate planning, you’ve probably come across the term probate. While it’s a common legal process, many people don’t realize how time-consuming, costly, and stressful it can be for those left behind. The good news? There are ways to avoid it.
If you’re just starting to think about estate planning, understanding the downsides of probate and how to bypass it can help you make informed decisions that protect your family’s future.
What Is Probate?
Probate is the court-supervised process of distributing a person’s assets after they pass away. If there’s a will, the court verifies its validity and ensures the deceased’s wishes are carried out. Without a will, New York’s intestacy laws determine who inherits what.
While probate might sound like a necessary step, it often creates more headaches than solutions for grieving families.
Why Probate Can Be a Hassle
1. It Takes Time
Probate in New York can drag on for months—sometimes over a year—especially if the estate is complicated or someone contests the will. This delay can be frustrating for loved ones waiting to access funds or settle affairs.
2. It’s Expensive
Probate comes with court fees, attorney costs, and executor expenses, which are all paid out of the estate. These expenses add up, reducing the amount your beneficiaries ultimately receive.
3. It’s Not Private
Probate is a public process, meaning anyone can look up information about your assets and who is inheriting them. If you value privacy, this lack of confidentiality can be unsettling.
4. It Can Spark Family Disputes
Unfortunately, probate can lead to disagreements among family members—particularly if someone feels left out or questions the will’s validity. These disputes can delay the process even further and cause lasting rifts.
5. The Court Takes Control
During probate, the court has the final say in how your assets are distributed. This oversight can result in decisions that don’t fully reflect what you would have wanted.
How to Avoid Probate in New York
Fortunately, you can take steps to spare your loved ones from the probate process. Here are some of the most common strategies:
1. Create a Revocable Living Trust
Placing your assets in a revocable living trust lets you retain control during your lifetime while allowing those assets to pass directly to your beneficiaries after your death—no probate required. Trusts also provide privacy and typically allow for quicker distributions.
2. Use Beneficiary Designations
Assets like retirement accounts, life insurance policies, and payable-on-death (POD) bank accounts allow you to name beneficiaries. These assets transfer directly upon your death, bypassing probate entirely.
3. Consider Joint Ownership
Owning property jointly with someone else—such as your spouse—with the right of survivorship ensures that when one owner passes away, the asset goes directly to the surviving owner without probate.
4. Utilize Transfer-on-Death (TOD) Designations
Certain accounts, like securities and brokerage accounts, can be set up with a TOD designation. This ensures assets automatically transfer to your chosen beneficiary when you pass away.
5. Make Lifetime Gifts
Giving assets to loved ones while you’re still alive reduces the size of your estate and can help avoid probate. Just be sure to consider potential tax implications before gifting large amounts.
Start Planning for Peace of Mind
No one likes to think about what happens after they’re gone, but a little planning now can save your family a lot of stress down the road. Probate can be slow, costly, and invasive—but it doesn’t have to be part of your family’s future. With the right strategies, you can make sure your assets pass smoothly and privately to the people you care about most.
If you’re ready to take the next step, the Law Offices of Laurence Rogers is here to help. We guide individuals and families in Nassau County, Westchester, and across New York City through the estate planning process with straightforward advice and compassionate support. Contact us today to schedule a consultation and start protecting what matters most.