Whether you pass away with a will in place or not, your estate is likely to go through probate, which can be a costly, stressful, and time-consuming process for everyone involved. Here are some reasons why you may want to avoid probate.
Court Approvals
During probate, you may need to get approval of the court for many things, such as repairing or selling real estate, selling or taking over the deceased’s business, and abandoning worthless assets. If you opt for ways that avoid probate, you can prevent a probate judge from interfering in the estate related matters of your family.
It’s Expensive
Going through probate not only requires an administrator, the executor’s personal representative, but also other professionals such accountants, attorneys, stockbrokers, and realtors, all of whom charge a pretty penny. In some states, the total cost of hiring these professionals may take up more than 5 percent of the total estate’s value. If you avoid probate, you can protect yourself from incurring these costs altogether. You may need an estate planning attorney for taking care of certain matters, and hence their fees may not be avoidable even if you don’t go through probate.
Time-Consuming Process
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The probate process can take anywhere from months to years. From the application filing and collection of data of the estate inventory, to calculating debts and assets, filing the final income tax return, and finally distribution of assets. The worst part is that during this time, all the assets and property will essentially be tied up and cannot be transferred.
Contentious
When it comes to estate distribution, things can easily get heated with disagreements and arguments among members of the family, friends, and administrators. If you take measures to avoid probate, you can prevent many fights and disputes. Another reason of probate’s contentious nature is that it makes private affairs between beneficiaries and administrators public.
We work tirelessly throughout our lives to provide as best as we can for our loved ones. We plan for the future to make life easier for them. The last thing you would want is for your spouse and children to go through difficulty and spend a large portion of the money and assets you have left for them in probate and court fees. You also wouldn’t want the ones you care about to wait for months or years to receive what is rightfully theirs.
Most people are not aware of the ways they can avoid probate and save their family from unnecessary hassle and stress. An experienced estate planning attorney can help you with achieving your goals and enlighten you with the right ways to execute your wishes. Contact Mary Ann Covone, P.C., Attorney at Law at 708-246-4911 or online today to schedule a free consultation and discuss your estate planning needs.