Why Avoid Probate?

Why Avoid Probate? Probate is a process supervised by the court that necessitates the validation of the will left behind by the deceased. This is the law’s way to make sure the heirs get their inheritance without any legal hitches. However, many believe that it is less confusing and less stressful to do without probate.

There are two major reasons why it is wiser to avoid probate.

1.

  • Probate proceedings take a long time to conclude. Most cases last for eight months while some may take a year or so. During this time, no one among the beneficiaries may get their supposed heirlooms. In other words, the inheritance is tied up. What’s even more annoying is that the delay in the proceedings is usually caused by clerical work since there are tons of paperwork that needs to be accomplished.
  • 2.

  • Probate is very expensive. More often than not, the expertise of lawyers and executors are necessary. Once you hire them, you need to pay them. Many view this as a total waste of hard-earned money. Some executors waive their fees if they also receive an inheritance or a portion of the properties of the decedent.
  • More expenses arise if there are complications in the probate process like complaints, lawsuits and tax problems. When these occur, lawyers and executors may seek for higher fees as approved by the presiding judge even if the requested amount is more than what the state law requires.

    Because of the two reasons stated, many prefer to avoid probates. The following are alternative but legal ways to do so:

  • Living Trusts
  • Joint Ownership
  • Payable-on-Death Bank Account Designations
  • Transfer-on-Death Securities Registration
  • Transfer-on-Death Vehicle Registrations
  • Simplified Probate Procedures
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