Pitfalls of Probate

It is generally observed that people get so engrossed in the chores of their day to day life that they completely forget that they need to take some time out and plan for their death also, harsh yet one of the biggest realities of human life. If you have missed this important activity during your lifetime then you would be leaving your family in the muddle of Probate Court proceedings that resolve your financial matters after your death.

Probate Process

Probate court has the authority to decide how your estate has to be distributed among your loved ones. A Probate court follows your wishes if you have stated them in the form of a valid will. It’s a neutral body that settles disputes, if any, that may arise over the distribution of your assets.

The Probate Process that is followed today is based on medieval English legal structure. In those times it the transfer of such large estates was a matter of political consequence and hence of great interest to everybody including the king.

The kind of significance it had, the process for transfer was therefore made formal and expensive. Though much change has happened over the years in the legal structure now, the Probate Process however stands unchanged – cumbersome and lengthy. Following are couple of problems associated with the process of Probate –

• Time

             The Probate takes a lot of time to conclude. It may take from nine months to two years of time on an average to conclude and for complex cases it may take even longer than that. Barring exceptions, your loved ones will have to linger for the proceedings to conclude to have access to their share of estate.

•  Cost

Another hitch in the process of Probate is the cost involved. The court’s “help” will come at price which may range from six to ten percent share of your entire estate before any distribution takes place. However this Probate and administration fee will be different for every state.

• Public Eye

All such proceedings of the Probate court are recorded publicly and anybody having any inclination can check out what is left to whom by merely going to the county courthouse. Thus all private financial affairs of your heirs will become public.

What can be done to avoid Probate?

To avoid such tedious process of Probate one can engage a trust to do the final distribution of your estate to your heirs.

A proper estate planning at the right time can save your family form many hassles and support them to continue with their lives, of course without you.