Whats So Bad About Probate?
1) MONEY – It is expensive. Lawyer and Personal Representative (executor) fees and other costs must be paid before your assets are distributed to your heirs. Fees and costs can be 6 to 8% of an estate’s value. 2) TIME – It takes anywhere from 9 months to 2 years. For some of this time, assets are usually frozen so an accurate inventory can be taken. So that, no assets can be distributed or sold without court and/or executor approval. Your heirs can’t “get on with their lives” without awaiting the end of a slow process. 3) PUBLICITY – Probate Court is a public process, so anyone can open the court file and see what assets you owned, your bank account numbers and balances and who you owed money to. 4) CONTROL – Your family has no control. The probate court process determines how much it will cost, how long it will take, and what information is made public.
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. Because these costs can vary widely, be sure to get an estimate. It takes time, usually 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 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 solicitors. Your family has no control. The probate process determines how much it will cost, how long it will take, and what information is made
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). It takes time – often 1-2 years or longer. 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 and/or executor’s approval. Your family has no privacy. Probate files are open to the public so anyone can see what you owned and whom you owe. Your family has no control. The probate process has control.
Probate is the legal process through which the court provides that, when you die, your debts are paid and your assets are distributed according to either your will or state law if you don’t have a will. A probate is required when you own any real estate or more than $100,000.00 in other assets. The costs. Court fees, legal fees and executor fees are set by law and must be paid before your heirs are paid. If you own property in other states, your family could face multiple probates, each one according to the laws in that state. The fees are determined by the size of your estate. • The delay. Probates typically take 6 months to several years to complete. Your assets must remain under court supervision until the process is complete. An inventory of all assets is required. There can be no distribution without approval of the court. In the meantime, if your family needs your assets to live on, they will have to petition the court for an allowance. It is up to the court whether they will get
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. Because these costs can vary widely, be sure to get an estimate. It takes time, usually nine months to two years, but often longer. 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 solicitors. Your family has no control. The probate process determines how much it will cost, how long it will take, and w
