Bypassing the probate process may be one of the critical pieces of advice you will hear from lawyers and financial advisers when you start planning your estate. Probate is a necessary legal process where a court validates your will, settles your debts and distributes your remaining assets when you pass away.
Although it is a standard legal procedure, many professionals advise against probate due to its direct impact on your estate and beneficiaries.
It can be costly
Probate can bring many potential complications to your estate’s settlement, and the principal among them is its cost. This legal proceeding can be quite expensive, with various costs that add up quickly, such as court, legal, and executor fees. These expenses can pile up and significantly deplete the value of the estate itself, which means fewer assets left for the beneficiaries. Designing your estate in ways that could avoid probate ensures more of your assets reach loved ones instead of going directly to court and attorney fees.
It can be time-consuming
Another major drawback of probate is the amount of time it takes to resolve. Probate can be a slow process that can take months or years to complete. Your assets are essentially frozen during this period. This delay can be particularly frustrating and financially challenging for your loved ones, particularly if they depend on the inheritance for financial support.
If you are in the process of developing your estate plan, it might be wise to listen to professionals when they advise you to try to steer clear of probate. Structuring your estate plan to avoid this process can ensure your wishes are carried out efficiently, just as you intended.
