What is Probate?
Probate consists of court proceedings concluding your legal and financial matters after your death. The probate court distributes your estate according to your will and a neutral place to settle any disputes that may arise over your estate.
The proceedings are complicated and can be costly. While much of the legal system has been made easier and more accessible in the last 100 years, the probate process has remained lengthy and complex. Providing you with a number of reasons to make probate court worth avoiding.
Time
The probate process can take a great deal of time, anywhere from nine months to two years for a relatively simple estate. Complex or contested estates can take much longer. With only a few exceptions, your heirs will wait until probate is concluded to receive the bulk of their inheritance.
Cost
The probate court's "help" with your affairs comes at a price. Depending on the state, probate court and administrative fees can consume between 6 and 10 percent of your estate. That percentage is calculated before any deductions or liens are taken out.
Lack of Privacy
The proceedings of the probate courts are a matter of public record. Anyone with the time and inclination can go to the county courthouse and find out exactly how much you left to each heir and to whom you owed money.
The Solution
Proper estate planning can help you pass your estate onto your heirs without the undue delay or expense of probate court.
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