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Most people know that probate court is expensive and time-consuming, reasons enough to avoid it if you
can. But did you know:
After death, the will is filed with probate court in the county where the decedent
lived. The estate is then considered open and of public record.
These public records include names, addresses and
birth dates, beneficiaries, and bank account records, even bank account numbers and vehicle identification numbers.
Anyone who is seeking personal advantage from an open estate can read these public records including salesmen, real estate
brokers and disgruntled family members.
The probate process can tie up property for months to more than a year
because of creditor claims, tax filings and asset sales.
In probate, the court, not the family, supervises and
authorizes the settling of all debts and payment of inheritances, which involves time, delays and expense.
Probate
is expensive! The costs include court costs, appraisal fees and sometimes accounting fees. Executor and attorney fees are
usually the largest expense of the estate.
To be fair, probate’s defenders contend that probate prevents
fraud in the transfer of property and protects beneficiaries by promptly resolving creditors’ claims. However, most
property is transferred within a close circle of family and friends and very few estates face large claims from creditors.
Probate is intrusive and time-consuming and offers few benefits for most families. As such, it is an unnecessary
clerical expense.
With a little planning, you can spare your family the headache and heartache of the probate process.
An experienced estate planning attorney can help you keep your current and future assets out of probate court and in the hands of the
ones you love. Go to next page: How to Reduce Legal Fees
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