When someone dies, their affairs must be finalized properly. The legal method for managing someone’s estate (e.g., their money, property, and debts) when they die is known as probate.
Typically, people want to avoid probate because it can be a time-consuming process. However, it’s not always the best idea to avoid probate, so to help you with your estate planning goals, here’s a look at the pros and cons.
What Are the Disadvantages of Probate?
There are two major drawbacks to probate.
- Delay: It can take a year or more for an estate to settle in probate. How long it takes depends on factors, including the size of the estate and whether there’s a will in place. For example, if anyone wants to challenge the validity of a will, the process takes longer.
- Costs: Probate means paying various fees, including court filing costs and creditor notice fees. The estate’s value may decrease because the assets are typically used to pay these costs.
When Is Probate a Good Idea?
On the other hand, here are two reasons probate can be a good idea.
- Protection from creditors: In probate, creditors only have a limited timeframe to make a claim on the estate. Once this time lapses, beneficiaries won’t need to worry about further creditor claims.
- Cost efficiency: In some cases, it may cost more to set up and manage a trust than it would to create a will that goes through probate.
Let At Ease Law Help With Your Estate Planning
Does it always make sense to avoid probate? Not always. It all depends on your unique situation. When you’re deciding what should happen to your estate, it’s best to have an experienced attorney by your side. Attorney Barry can help you with all aspects of estate planning, and she can answer any questions you might have about the probate process.
Whether you’re looking to design your first estate plan or you wish to change an existing plan, contact At Ease Law at (702)-602-5004 or complete the online form to make an appointment.