Probate is the process of validating your will after you die or handling your estate if you do not have a will. However, not every situation requires your estate to go through probate. Going through probate can be costly and does take time, so avoiding does come with perks for your family. Avoiding it can also allow your heirs to receive more from your estate because it will reduce the expenses after your death.
The Denver Bar Association explains there are some specific situations where your estate may skip probate, which can save your family time and money.
Size of estate
If the size of your estate is under $50,000 and you do not have real estate, then there is no need to probate. Your heirs can use affidavits to collect their inheritance. The affidavit requires swearing he or she has a right to the assets.
If your estate has no issues with anyone contesting, then you may not need probate. For this informal estate situation to bypass probate, you also need to have clear inheritance and a personal representative who can handle estate matters for you. The court will only provide administration, but not full probate services.
You can often limit probate needs by using items like trusts that will transfer on your death and require no assistance from the court to move from you to the heir. Also accounts with beneficiaries also bypass probate. There are options if you do not want to go through probate. However, sometimes it is essential to go through the process. Probate can be incredibly beneficial to your heirs and your estate in some situations.