We discussed the complexities of the probate process briefly in a previous article, now let’s spend some time and look at why, perhaps, you might want to avoid the probate process altogether. We may not know exactly why we should avoid the probate process, but there are, in fact, a couple of good reasons, so let’s take a look at them quickly now.
- It can tie up property for months, potentially even up to a year!
In our society of give-it-to-me-now instant gratification, we don’t like to wait. Heck, we don’t even like waiting for our phone to boot up when we turn it on. Why in the world would we want to drag our heels on something that was promised to us in a will perhaps over a year ago? We wouldn’t. Simple as that. And when there are many more options available instead of probate, the decision to skip can not only make things go faster, but it can also make things much easier to deal with in the long-term.
The second reason is—
- It’s expensive!
The truth of the matter is that the economy is getting better, but it’s never going to be where it used to in regard to the cost of things. And one thing is for sure, probate is expensive. In some states, fees can even take up 5% of an estate’s value. Sure, 5% doesn’t seem like a lot, but when it’s added into all those other expenses that come the aftermath of losing a loved one, it may be simpler (and cheaper) to opt out of probate altogether. Those involved will thank you, and your wallet will too. And let’s be honest, we all want a happy wallet, right?
If you or someone you love needs assistance with Elder Care law issues, call 856-281-3131. Let us help ease your stress and give you a plan.