why do you want to avoid probate?
Why Do You Want to Avoid Probate?
Probate is both costly and time-consuming and often presents a difficult procedural headache for surviving family members after the death of a loved one. In some limited instances, probate may be preferable—but these are very much the exception. On the whole, it is typically advisable to take the necessary steps to avoid probate altogether. The following represent major reasons why you would want to probate:
Length: typically 7-12 months (or longer) from death to discharge of the estate. In most cases, probate simply cannot be administered in less than about 7 months.
Cost: between legal fees, courts costs, notice and publication fees, probate sometimes costs between 4% and 10% of the gross estate
Hassle: length/cost (as mentioned above) but the inherent court procedure, potential hearings and court filings require ongoing attention for several months
Privacy: probate is public record, with much information being available to the public
Leave a Reply.