WHAT IS SO BAD ABOUT PROBATE?
It’s expensive. Legal/executor fees and other costs are usually estimated at 4-10% or more of an estate’s gross value (before debts are paid). An estates gross asset value includes all that you own…yes, including any mortgage value (debts are not excluded when valuing your estate). These debts must then be paid before your estate can be fully distributed to your heirs. If you own real property in other states, your estate may be subject to multiple probate court proceedings in these other states. A revocable living trust can solve this problem and avoid these probate proceedings. It takes a long time, often 1-2 years. During part of this time, the assets are usually frozen so an accurate inventory can be taken. Nothing can be distributed or sold without the court’s and/or executor’s approval. If your family needs money on which to live, they must request a living allowance, which may be denied. Your family has no privacy. Probate files are open to the public. Anyone (including a busi
It can be expensive. Legal/executor fees and other costs must be paid before your assets can be fully distributed to your heirs. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. It takes time, usually 6 months to 2 years. During part of this time, assets are usually frozen so an accurate inventory can be taken. Nothing can be distributed or sold without court and/or executor approval. If your family needs money to live on, they must request a living allowance, which may be denied. Your family has no privacy. Probate is a public process, so any “interested party” can see what you owned and who you owed. The process “invites” disgruntled heirs to contest your will and can expose your family to unscrupulous persons. Your family has no control. The probate process determines how much it will cost, how long it will take, and what information is made public.
• It can be expensive – Legal and executor or administrator fees and other costs must be paid before your assets can be fully distributed to your heirs. Costs vary in each state, but are usually 3% to 8% of an estate’s value. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. • It takes time – it usually takes 9 months to 2 years. During part of this time, assets are usually frozen so an accurate inventory can be taken. Nothing can be distributed or sold without court and/or executor or administrator approval. If your spouse or minor children need money to live on, they must request a living allowance, which may be denied. • Your family has no privacy – Probate is a public process, so any “interested party” can see what you owned and whom you owed. The process “invites” disgruntled heirs to contest your Will and can expose your family to unscrupulous solicitors. Your family has no control. The probate process det
