In the realm of estate planning, the mere mention of the word “probate” evokes feelings of trepidation, akin to how the terms “disease,” “illness,” “jury duty” or “root canal.” This reaction, especially among those with larger estates, stems from the fact that financial planners strive to steer their clients away from probate whenever possible.
Yet, it is essential to recognize that the probate system, originally designed to protect property when someone passes away, serves a valuable purpose. So, is there any redeeming value in probate? The answer is a resounding “Yes.” Let’s delve into the pros and cons of probate.
Probate Pros
Legal Distribution: Among Probate Pros
In cases where there is no will, probate ensures assets are distributed according to state law. This provides a reliable and legally sound procedure for redistributing property.
Probate Pros: Will Validation
When a will exists, probate validates and enforces the deceased’s intentions, ensuring their wishes are carried out faithfully.
Debt Resolution
Probate procedures help ensure that heirs address any taxes and claimed debts on the estate promptly. This results in the decisive handling of the deceased person’s affairs rather than leaving matters open-ended.
Are Creditor Notifications Probate Pros?
In cases where the decedent had debts, probate offers a brief window for creditors to file claims. This can lead to the potential for debt forgiveness in some instances.
Cost-Effective for Small Estates
For distributing smaller estates, probate can be cost-effective. Filing fees vary by state but often amount to three figures, which is significantly less than the thousands required for other methods
Probate Cons
Public Record: Probate filings are a matter of public record, exposing private family and financial information to the public.
Costly Litigation
Despite modest filing fees, the overall cost of probate can be high. Consider expenses like court fees, attorney fees, and executor fees, which are typically deducted from the estate’s value.
Probate Can Be Time-Consuming
One of the most widely recognized drawbacks of probate is its time-consuming nature. It can lead to delays in the distribution of assets, sometimes spanning months or even years.
Complexity and Stress
The probate process can be complex and stressful for both executors and beneficiaries
Probate serves as a default mechanism for ensuring the fair distribution of small estates. However, it can lead to undue costs and delays, which is why many individuals prefer to explore alternative strategies to keep their property out of probate after their passing. Consulting with a skilled estate planning attorney can help you develop a strategy to avoid probate, thereby simplifying matters for your heirs. If you would like to learn more about your options, please reach out to us to schedule a consultation.
About Skvarna Law Firm in Glendora and Upland, California
Let a skilled attorney assist with your estate plan. So, contact us today to learn about your options (909) 608-7671. We operate offices in Glendora and Upland, California. Therefore, we provide legal services for individuals living in San Bernardino, Los Angeles, Orange, and Riverside Counties. This includes the cities of Upland, Ontario, Rancho Cucamonga, Fontana, Colton, Rialto, Chino, Chino Hills, Glendora, Claremont, Montclair, Pomona, La Verne, San Dimas, Azusa, Covina, West Covina, Diamond Bar, Walnut, La Puente, Corona, Norco & Mira Loma. Visit SkvarnaLaw.com to learn more.
