Why People Avoid Probate. Probate court was set up for very noble reasons — it aims to protect the interest of a deceased person’s surviving family members by validating the authenticity of his last will and testament. People, however, have taken to avoiding the probate process for three major and very valid reasons: money, time and privacy.
On the issue of money, take not that probate costs a considerable amount in court costs and attorney’s fee. In Valencia, California alone, a person could lose 4-8% of the value of his estate in probate. The second deciding factor — time — also shows a large discrepancy when comparing the probate process to the distribution of a person’s assets through other means. Probate usually takes several months and sometimes even a year or more. On the other hand, there are ways of settling one’s estate that only takes a few weeks to complete. Finally, people take privacy into consideration. Probate is a public process, which means that probate documents are readily accessible to the general public. Most individuals want to keep their financial transactions to themselves.
Because of these concerns, many have learned to appreciate the value of setting up a living trust. While this move does not allow them to avoid all estate taxes, it costs much less then probate in the long run. And because it is a private transaction, it falls outside the control of probate; hence, a trustee can execute the stipulations of the trust without having to report to probate court. Although this process is more financial rather than legal in nature, it is still advisable to consult a lawyer before and during the process of setting up your trust.
Mortensen Law
Tax, Trust & Estate Attorneys, P.C.
24300 Town Center Drive Suite 390
Valencia, CA 91355
(661) 799-8035
(661) 799-8838 fax
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