Why avoid probate?
Probate is the legal process through which the court oversees your estate to ensure that your debts are paid and your assets are distributed. An estate is probated with or without a will. With a will, your assets are distributed as you direct. Without a will, your assets are distributed according to state law. Probate costs are usually 3-8% of an estate’s value. If you own real property in more than one state, your family could face probate in each state. Probate is also a lengthy public process, usually taking anywhere from 9 months to 2 years. Assets are generally not fully distributed until probate is completed.
