What is probate and why do people prefer avoiding it?
Probate is a judicial process to establish the validity of a will. The process of Probate can delay the passing on of assets to heirs. Assets in an estate are subject to probate and can’t be passed on to heirs unless the probate court certify the validity of the will and authorize the executor to execute the will. People avoid “probate” because the judicial process can take anywhere between six and twelve months to conclude, and the legal expenses can be significant. Annuities and life insurance policies are not subject to probate and may be passed to a designated beneficiary directly without going through probate.
