Top 4 Reasons To Avoid Probate
Posted on Feb 17, 2016 4:35pm PST
While probate isn’t the horror story some attorneys make it out to
be, it is still a long, complex, and often contentious process. In this
blog, our Coral Gables estate planning attorneys take a look at four of
biggest reasons why you should avoid probate through quality estate planning.
It’s never too early to prepare for the future. Call us today at
(305) 709-1875 to learn more.
1. Probate is a Long Process
Depending on the unique characteristics of your estate, including the value
and any unusual assets you may have, the probate process can take more
than two years to complete. Not only will your family not have access
to the assets in your estate during this time, but they will also have
to deal with a complex legal situation at a difficult emotional time.
2. Probate Can Be Expensive
There are a number of different parties involved in the probate process,
and many of them need to be paid. In addition to attorney’s fees,
your family will need to pay for court costs, filing fees, and possibly
even an executor of the estate. These costs can add up quickly, but cannot
be paid from the estate. This means your family could be left paying for
these expenses out of pocket.
3. Probate Eliminates Your Family’s Privacy
Probate is a public process, and as a result much of you and your family’s
personal information will be available on public record at the courthouse.
Probate court records can include information such as:
- A list of heirs and their addresses
- Your original will
- An estimate of the value of your estate
- Information about your debts
Not only does this impact the privacy of your heirs, but it can also open
the door for creditors and criminals to find and harass your family. All
of this information can be accessed by anyone by simply contacting the
4. Probate Can Be Contentious
Probate is often uncontested, with no bickering or battles between heirs.
With thorough planning, however, you can reduce the possibility of any
conflicts arising. If you pass without a solid estate plan in place, there
will likely be plenty of room for disputes that can ruin family relationships.
Want to learn more about how estate planning can benefit you? Contact us for a
free initial consultation.