Reasons to Avoid Probate
You hear a lot about probate avoidance when you start to delve into the subject of estate planning, so let's take a look at three of the most common reasons why people choose to avoid probate. When you use a last will as your primary vehicle of asset transfer there could be disgruntled parties who learn of your wishes and feel as though they want to contest them.
This is allowed during the probate process, so if you want to shut the door for those who may want to challenge your wishes, you can simply employ strategies that allow for the transfer of assets outside of the probate process.
Another reason why many people opt for probate avoidance is the fact that probate can be a rather long and drawn out affair. Of course if the will is being contested there will be a legal battle that can make for a very long probate period. But even in cases when everyone is getting along and there are no objections to the will, it could take several months to resolve the process, and no inheritances are distributed during this interim.
And finally, individuals often choose to avoid probate because of the fact that it can considerably erode the value of your assets as they are being transferred to your family members because of the expenses involved.
The personal representative is entitled to payment for his or her time and expertise, and there are court costs to be paid. In addition, a probate attorney is necessary to help guide the personal representative through the process. In many instances, the personal representative will have to engage the services of a tax accountant, an appraiser or appraisers, and a company that specializes in estate liquidation. Of course all of these entities must be paid and you can see how this could all add up to a considerable amount of money.
If you would like to gain an in-depth understanding of the probate process and how to avoid it, take action and contact an experienced legacy planning attorney to set up a consultation.
ABOUT THE AUTHOR: Kevin Pillion
Experienced estate planning attorneys Sarasota FL of the Co-Executor PLLC offers estate planning and business planning resources to residents of Sarasota FL.
Copyright Kevin Pillion - Co-Executor PLLC
More information about Kevin Pillion - Co-Executor PLLC
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.