3 Reasons Why Probate Isn’t Favored
Probate is the court-supervised process of officially proving and distributing a deceased person’s assets. There are advantages of probate, especially for those who did not leave final wishes behind in the form of an estate plan. Probate is a process that intervenes so that the decedent’s legacy can be passed on to future generations. However, probate is not usually a favored proceeding. This is because most families don’t want the court to have control over their loved one’s assets, as there is no guarantee it will be handled in the way the decedent would have wanted.
Those who go through probate may have concerns such as:
#1 Probate is not private.
Probate is a public proceeding, so it is accessible to essentially anyone. Depending on what is within an estate, loved ones may have to deal with the added turmoil of their relative’s legacy being exposed to the general public. If privacy is important to you, then establishing an estate plan in an effort to avoid probate is strongly advised.
#2 Probate adds stress.
Family members of the deceased are likely to endure added mental and physical stress while already in a state of grief. When written and signed appropriately, an estate plan is a legally-binding set of documents. Those who don’t want family and friends to have extra stress are encouraged to start writing an estate plan now if they don’t already have one.
#3 Probate can cause delays.
Beneficiaries do not have control over assets within the estate, and may not receive their inheritance for several months, or even a year or longer. The more complicated and higher valued an estate is, the more likely there will be delays in its distribution. Property cannot be taken from the decedent’s home, or sold, or donated, until the court grants permission.
As the probate attorneys can attest to witnessing, family members often prefer to not have their loved one’s estate go through probate. By taking the steps now to write a legitimate last will and testament, it ensures a person’s legacy is transferred in a way the deceased would have wished.