Why It’s Good to Avoid Probate
Probate is the process of validating a will or trust of someone who has passed away. It is often a long and sometimes expensive process, especially if there are disputes over the estate left behind by the deceased. Here are the top reasons on why it can be beneficial to avoid probate.
Time plays a large role in probate proceedings. Sometimes probate can last for months, which means that the inheriting family will not have access to any of the estate until everything is finally settled. During that time, you may have to settle debts and pay off funeral expenses with your own money.
All property of the deceased still needs to be taken care of during probate. That means paying any taxes, storage fees, and other costs until everything can be closed down or passed on. Insurance also needs to be paid for the duration of this time. All of this can cost remaining family members significantly, especially if the probate process takes months.
Court approval is needed for every decision made about the deceased’s estate. If you want to sell property, pay off debt, or redistribute investments, you must get the approval of a judge first. This can be a hassle and slow the process down quite a bit.
In general, probate can be expensive. Legal fees can add up quickly, leaving you scrambling to find some ways to pay them. Any court case, even probate, costs money, and you will need to pay for it until everything is taken care of.
All court proceedings fall into the public domain, meaning that anyone has access to the information about your probate situation. Strangers can find out everything they want about the deceased’s estate, including who inherited which assets went where, and how investments were handled. If you want to keep these affairs private, avoiding probate is a good option.
Avoiding probate can be a difficult thing to accomplish though, as it can’t be done in all situations. To discover if your case can avoid probate, consider reaching out to a probate law firm. They should have experience dealing with many estates and whether or not the estate will have to go through probate. Lawyers from a firm like Yee Law Group, PC can guide you on what to do.