What is Probate?
Probate consists of court proceedings
concluding your legal and financial matters after your death. The
probate court distributes your estate according to your will and a
neutral place to settle any disputes that may arise over your
estate.
The proceedings are complicated and can be
costly. While much of the legal system has been made easier and
more accessible in the last 100 years, the probate process has
remained lengthy and complex. Providing you with a number of
reasons to make probate court worth avoiding.
Time
The probate process can take a great deal of
time, anywhere from nine months to two years for a relatively
simple estate. Complex or contested estates can take much longer.
With only a few exceptions, your heirs will wait until probate is
concluded to receive the bulk of their inheritance.
Cost
The probate court’s “help” with your affairs
comes at a price. Depending on the state, probate court and
administrative fees can consume between 6 and 10 percent of your
estate. That percentage is calculated before any deductions or
liens are taken out.
The
Pitfalls of Probate