The process of estate planning is often whittled down to the creation of a last will. This is a shortsighted viewpoint, because there are other options, and a last will might not be the best choice. Many people do not understand the fact that a will must be admitted to probate, and there are some drawbacks that go along with this process.
Let’s look at some of the reasons why someone may want to avoid probate.
The Waiting Game
When a will is admitted to probate, there is a proving of the will. During this process, the probate court examines the will to determine its validity, and the witnesses who signed the will must attest to its validity. This portion of the process can consume time.
Final debts must be paid during probate, so creditors must be notified. They are given a certain amount of time to come forward.
Ultimately, assets must be prepared for distribution to the heirs that are named in the last will. This can involve appraisals and liquidation, and property does not necessarily sell overnight, so this can also be time-consuming.
The heirs to the estate cannot receive their inheritances while the estate is being probated. When you put together all of these tasks that must be completed, you can see that probate will not run its course overnight. Even if things go relatively smoothly, the heirs will have to wait for around nine months to a year to receive their inheritances.
Probate expenses are another consideration. There are court costs, and the executor is entitled to payment for his or her efforts. There can also be accounting and legal fees, and appraisal and liquidation charges will enter the picture as well.
All of these expenses can add up to consume a considerable portion of an estate.
Loss of Privacy
The way that you decided to distribute your resources is something that should be personal. However, when an estate goes through probate, the things that take place becomes a matter of public record. As a result, anyone who is interested could access probate records to find out how you planned your estate.
Under certain circumstances, this could cause serious hard feelings among family members and associates.
Learn More About Probate
If you would like to learn more about the process of probate, download our special report on the subject. This report has been meticulously prepared, and it will provide you with a great deal of very useful information.
The special report is free, so you take no risks if you download your copy. To obtain access, visit this page and follow the instructions: Free Report on the Probate Process.