 | Ever known someone who has gone through a contested probate? I know, it's kinda like asking if you've known someone who's had kidney stones. The fact is probate is not a fun process to go through. |
When a person passes away, their estate is left to their heirs or assigns. Probate is the process through which a court determines how to dispose of the property in your estate, who gets it, and in what amounts. If a person has a will in place the court will follow the provisions laid out in the will to determine the division. If they do not, the court determines according to state law how the property is disposed. Sounds simple enough, right?
Well, the pain comes when you consider how expensive probate can be. Even when a probate is not challenged, you have to deal with court costs, attorney's fees, estate taxes, creditors, administrative fees, and so forth, which as you can guess begin to add up. The average probate is going to cost over ten thousand dollars and if someone contests some provision it can easily turn into a full fledged court battle.
Another issue is how long a probate can take. At the very least a simple probate will take a few months to wrap up (compared to a few weeks in trust administration) but some probates will take years to finalize. The problem with waiting is that those assets are tied up until the probate is finalized. It also means that sales of property, division of assets, or use of estate funds might be held up indefinitely.
As if that weren't enough, probate is a public process. In many states, everything revealed to the probate court is open to public scrutiny and press coverage (if you're important enough for them to care), in others only the probate pleadings are public records. Either way, probate means that people will be able to find out about details of the estate.
Anytime you go into court, the outcome is foggy at best. Even with a clear, valid will a probate proceeding may take a turn against the deceased's wishes. So, what's the answer to avoid the pain and heartache of probate? PLan your estate so as to avoid probate through using non-probate transfers and trust documents. An ounce of planning can prevent a ton of heartache.
Inter Vivos specializes in estate planning and probate matters. Let us help you either navigate through probate or avoid it altogether. Call us at (801) 477-1570 for a free review of your estate.
"Let us earn your Family's Trust"
Well, the pain comes when you consider how expensive probate can be. Even when a probate is not challenged, you have to deal with court costs, attorney's fees, estate taxes, creditors, administrative fees, and so forth, which as you can guess begin to add up. The average probate is going to cost over ten thousand dollars and if someone contests some provision it can easily turn into a full fledged court battle.
Another issue is how long a probate can take. At the very least a simple probate will take a few months to wrap up (compared to a few weeks in trust administration) but some probates will take years to finalize. The problem with waiting is that those assets are tied up until the probate is finalized. It also means that sales of property, division of assets, or use of estate funds might be held up indefinitely.
As if that weren't enough, probate is a public process. In many states, everything revealed to the probate court is open to public scrutiny and press coverage (if you're important enough for them to care), in others only the probate pleadings are public records. Either way, probate means that people will be able to find out about details of the estate.
Anytime you go into court, the outcome is foggy at best. Even with a clear, valid will a probate proceeding may take a turn against the deceased's wishes. So, what's the answer to avoid the pain and heartache of probate? PLan your estate so as to avoid probate through using non-probate transfers and trust documents. An ounce of planning can prevent a ton of heartache.
Inter Vivos specializes in estate planning and probate matters. Let us help you either navigate through probate or avoid it altogether. Call us at (801) 477-1570 for a free review of your estate.
"Let us earn your Family's Trust"
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