What is the Difference Between Probate and Estate Planning?

What is Probate?

What is Estate Planning?

What Distinguishes Probate From Estate Planning?

How Probate Works?

How Estate Planning Works?

FAQs About Probate Vs Estate Planning

Is a will considered valid without probate in India?

Probate is necessary when the will has been made in any of these presidency towns: Kolkata and the municipal limits of Mumbai and Chennai metro cities. It is also applicable if the immovable asset is located in these places. Otherwise, probate is optional.

What types of assets do not need to go through the probate process?

Assets like jointly owned properties, retirement benefits, annuities, life insurance and trusts can avoid probate.

How often should I reassess my estate plan?

This depends on your particular situation and your personal attorney’s methods.  Usually it is a good practice to reassess your estate planning every couple years or whenever any major life event occurs (childbirth, marriage, divorce, changing jobs, retirement, moving out etc.).

What documents do I need for my estate planning?

There are certain documents you will need for creating estate planning. Some of the common documents include your wills, guardianship designations, and powers of attorney. Other documents which will be useful are lists of your assets and liabilities, bank account statements and beneficiary designations.