Estate planning might end up not giving the expected result due to mistakes in the process of planning. Some mistakes which could be encountered in estate planning include; not reviewing and updating your estate plan from time to time, not avoiding Probate, failure to plan for your young children, etc… This article will cover the mistake of not avoiding Probate.
Probate
Probate is a legal process by which the will of a testator is certified as valid in a court of law. It is also a process whereby the court decides based on the state’s law how a deceased’s estate is going to be shared in a case were the deceased have no will.
Probate grants a person named in the will as the executor the legal right to dispose the estate of the deceased as specified in the will. The named executor could be the testator’s spouse, sibling, parent, attorney, etc.
A Probate lawyer offers services in a Probate court. Our Probate lawyers are available. Contact us today.
The mistake of not avoiding Probate
Most people make the mistake of not properly reviewing their options with a professional estate planner before engaging in estate plan. Some even attempt to do it themselves.
Reviewing your options with your attorney, estate planner, adviser, etc. will save you from making mistakes which will have negative effect on your estate in one way or the other in the future.
Probate can be one hell of a process. Many people prefer using Probate as they consider it the best way through which their estate should be distributed. On the contrary, not avoiding Probate could be a huge mistake that can affect your estate in many ways. So many clients employ every available means to avoid the Probate process.
Disadvantages of Probate
A careful evaluation of the down side of the Probate process will suggest avoidance. Of course it has its benefits too but when personally the Probate process will be of more disadvantage to you than it will be of an advantage, it is advisable you avoid it. This is why you should review your options with a professional attorney before making estate plans.
Cost factor
The cost involved with Probate should be of concern to anyone looking to make an estate plan. During a Probate process, expenses are incurred by different means. It could be through tax liability, payment of attorneys, payment of representatives, court filing fees etc.
Attorney’s fee could be charged hourly or base on a certain percent of the estate’s worth. This depends on the state’s law.
In the case of a creditor, part of the estate will to be used to settle those the deceased owed before their death. In some cases the estate will be sold so that creditors can be settled.
Lack of Privacy
Probate is a public process. So your will is a public document and so it means it can be accessed by anyone. Anyone can freely see the worth of your estate, the creditors you owe and how much you owe, the way you shared your asset among your beneficiaries, who your beneficiaries are. This is a big disadvantage of Probate.
If you are among the numbers who value their privacy and that of their family then you should consult your attorney and adviser to see ways by which you can avoid the Probate process.
If privacy is not a big deal to you and every other factor isn’t really of a concern to you then, you can continue with the Probate process.
Time factor
Normally, the minimum time to complete a Probate process is about six months depending on the state. But it is very much possible for the Probate process to span between two to five years.
During this time, the estate of the deceased is tied down and the beneficiaries can’t have access to their inheritance.
During this time money is constantly been spent on attorney’s fees. Other basic financial involvement such as tuition fees, bills, etc., will suffer if they were supposed to be settled from the estate. It will be quite unfortunate for the heirs to use half of the estate in settling attorney’s and other bills associated with Probate process.
Avoiding Probate
There are ways you can adopt In order to avoid making your loved ones go through the stress of Probate. Speak with an attorney to guard you through this process. Call our attorney today for professional services.
