More Probate, More Problems
What’s probate and why should I avoid it?
Maybe you’ve heard the term before or maybe it’s completely new, but probate is not a term with which you want to become too familiar. That’s because it is the judicial process of distributing your estate and it is commonly known for being time-consuming, costly, and complicated. This is due to the fact that the courts have to get involved to determine who inherits your property after you die. When anything has to go through the California courts, expect delays that can mean your beneficiaries (or you as a beneficiary) won’t see any part of that inheritance for months and maybe years after someone dies.
Probate is required in circumstances in which a person dies without a properly drafted estate plan. Even if you write up a will on your computer, print it out, sign it and have witnesses, you probably will still have to go through probate if your estate is worth more than a certain amount (depending on your state). Whether an estate will go through probate depends on a couple of factors including how much money is at stake, the type of property, and who is claiming the property. Probate can be unappealing to those who value privacy as well, because once an estate enters into the probate process with the courts, it becomes public court record how much the estate is worth and who is inheriting which assets.
Most people haven’t thought through their plans for their property after they die. Practically, what that means is after they die, those who stand to inherit scramble to vie for the money and property that’s left. It can lead to some of the most bitter family disputes possible. When you die without an estate plan (most notably a living trust) you can expect that the misery of the grieving process for your loved ones compounds with the stress of managing the expectations and desires of greedy beneficiaries. Meanwhile, the process of getting the property distributed can take years with people becoming increasingly impatient and desperate.
That is obviously the worst-case scenario. In a best-case probate scenario, all the beneficiaries agree to their shares, an executor is easily appointed, and the family and loved ones still likely wait nine months for the property to be distributed. The most likely outcome is somewhere in the middle with court delays.
Obviously, when you find yourself needing to go through the probate process, you’ll want to get through it with the least worry possible. Our office can assist you. And if you’re in the position of wanting to make sure your loved ones avoid probate after you die, it is time to put together your estate plan with the help of our skilled attorneys. Contact us today for a free consultation.