Top Reasons to Avoid Probate
You may have heard that skipping probate has many benefits. An estate plan allows you to layout your wishes so that your family members, loved ones, medical team, and the state will know what care you will receive and how you want your estate to be taken care of after your death. However, when you create an estate plan in a way that specifically lets you avoid the probate process, it can save a lot of time and money. There are several reasons why avoiding probate is preferred, such as the ones explained below.
It Can Be a Long Process
One of the most frustrating parts of probate is that it can be extremely time-consuming. Probate is not done in just a matter of weeks. It often takes several months to complete depending on the type of assets you have, the size of your estate, and other factors. However, the process can last for years in some cases. The court needs to carefully review your assets before they distribute them, so your beneficiaries may not have access to them for a long time. If your will or other parts of your estate plan are being contested, it can take even longer to complete.
Your Information Will be on Public Record
In addition to being a lengthy process, probate is also a public one, as a probate lawyer can tell you. Since probate is overseen by the courts, information about your estate and how it is managed will be placed on the public record so that anyone can see it. This includes the type of accounts you have, the types of debt you have, and the nature of your assets. Skipping probate will allow you to retain your privacy so that the details of your estate will not be disclosed to the public.
Excessive Fees
Another downside to the probate process is that it can be quite expensive. There are probate fees that you must pay and they can reach thousands of dollars. These fees will go to the court, and they can take a large portion of your estate. If you have debts or other expenses you have to cover, probate can cause even more financial strain.
There are legal services available if you need assistance navigating probate and developing an estate plan that works for you. Do you need assistance figuring out a way to avoid the probate process, or reach out to a trusted probate lawyer right away?
