What is a probate?
Have you ever wondered what will happen to your estate after you
die? How long will it take for your loved ones to receive the estate you’
ve left them? Will each receive what you’d like them to have?
If you’re like most people, your estate will go through a lengthy
probate process.
What Is Probate?
Probate consists of the court proceedings that conclude all your legal
and financial matters after your death. The probate court distributes
your estate according to your wishes — if you left a valid will — and
acts as a neutral forum in which to settle any disputes that may arise
over your estate.
Problems with the probate process
However, if you do not leave a will, here are some of the problems
with the probate process:
1. Time
The probate process can take a great deal of time. The settlement
time frame for many estates is at least two years. Complex or
contested estates can take much longer.
With few exceptions, your heirs will have to wait until probate is
concluded to receive the bulk of their inheritance.
2. Cost
Of course, all the probate court’s “help” with your affairs comes at a
price. Probate can be very expensive.
3. Lack of Privacy
The proceedings of the probate courts are a matter of public record.
Anyone with the time and inclination can go to the courthouse and
find out exactly how much you left to each heir and to whom you owed
money. This leaves your heirs with little or no privacy.
die? How long will it take for your loved ones to receive the estate you’
ve left them? Will each receive what you’d like them to have?
If you’re like most people, your estate will go through a lengthy
probate process.
What Is Probate?
Probate consists of the court proceedings that conclude all your legal
and financial matters after your death. The probate court distributes
your estate according to your wishes — if you left a valid will — and
acts as a neutral forum in which to settle any disputes that may arise
over your estate.
Problems with the probate process
However, if you do not leave a will, here are some of the problems
with the probate process:
1. Time
The probate process can take a great deal of time. The settlement
time frame for many estates is at least two years. Complex or
contested estates can take much longer.
With few exceptions, your heirs will have to wait until probate is
concluded to receive the bulk of their inheritance.
2. Cost
Of course, all the probate court’s “help” with your affairs comes at a
price. Probate can be very expensive.
3. Lack of Privacy
The proceedings of the probate courts are a matter of public record.
Anyone with the time and inclination can go to the courthouse and
find out exactly how much you left to each heir and to whom you owed
money. This leaves your heirs with little or no privacy.
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