The Disadvantages Of Probate
Estate Planning Attorney Joseph Hudack knows that there are numerous drawbacks to probating a will. The probate procedure is pricy, drawn-out, and intrusive. Costs associated with the court, legal counsel, personal representatives, bonds, and accounting all add up. The cost of probate typically ranges between 3% and 8% of the gross estate value (up to $8,000 for a $100,000 estate). Probate expenses can be even higher if your estate is administered without a will. The legal process of probate is infamously drawn out. According to studies in one state, settlement takes thirteen months on average. If the probate process is challenged, the subsequent legal struggle may last several years.
The privacy of a family is also invaded during probate processes. The family’s private financial data are publicized during open court probate hearings. The family must make a list of all their funds, investments, and real estate available for public examination. Additionally, anyone with a computer can easily access the probate records of your family because so many probate courts are now making their records online accessible.
During probate proceedings, the estate is open to assault from displeased family members and legal action from creditors, who must be given specific legal notices. It is not unheard of for someone to bring a claim in a probate case to pressure the estate to settle the claim rather than engage in a costly court battle.
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