Probate might be a familiar word, especially if you’ve ever dealt with a loved one’s estate. But understanding how it works — and more importantly, how to avoid it — can save your family a lot of time, stress, and money.
Probate is the legal process that finalizes a person’s estate after death. It ensures all debts are paid, and remaining assets are distributed. This process typically involves an attorney, and in many states, it can take around nine months to complete. It's not just time-consuming — it’s costly, with fees that often shrink what’s left for your loved ones.
And here’s something most people don’t realize: everyone has a will, even if you didn’t write one yourself. If you’ve created a will with an attorney or an online platform, you’ve died “testate.” If you didn’t, the state will provide a default version — known as dying “intestate.” Either way, the will governs the probate process.
But the good news? You don’t have to go through it.
With a little proactive estate planning, most families can avoid probate altogether. The key is knowing what tools are available and using them intentionally.
Some common ways to bypass probate include the following:
- Beneficiary designations – These apply to accounts like IRAs, 401(k)s, and life insurance policies. When you name beneficiaries, the money goes directly to them after your passing — no court process is needed.
- Transfer on death (TOD) and payable on death (POD) designations – TODs are common on brokerage accounts and even home titles. PODs are typically used for bank accounts. Both operate similarly to beneficiary designations, allowing assets to transfer directly.
- Revocable living trusts – Assets placed in a trust before your death also avoid probate. The trust carries out your wishes without court oversight.
All of these tools ensure that your estate doesn’t get tied up in probate, and that your loved ones aren’t left waiting months — or even years — for resolution.
So why do people still go through probate?
Often, it's because they didn’t take time to put a plan in place. And while probate might be necessary for some, most families don’t need to go through it. At Financial Enhancement Group, our top priority in legacy planning is helping families avoid probate altogether.
When you’re proactive, you gain control over how and when your assets are passed on. You reduce the burden on your family. And you give your beneficiaries the gift of simplicity in a moment that’s already difficult.
Avoiding probate doesn’t require a mountain of work — it just takes thoughtful preparation. It starts by reviewing your accounts, updating designations, and ensuring your estate plan aligns with your wishes.
If you're unsure where to begin or want a second look at your estate plan, reach out. You deserve to have a plan that reflects your goals and provides peace of mind for the people you love.
Financial Enhancement Group is an SEC Registered Investment Advisor.
