Estate Planning and the Dangers of Probate

By Neel Shah, Trusts|Estates|Law posted 06-05-2015 09:45


When you pass away without a will, the court takes over the distribution of your estate. During this process, the court determines the most appropriate way to distribute your assets, but allowing this to happen does present some dangers. 

The first challenge has to do with time. Average settlement lengths for probate are between nine months to two years, which may not be what you had hoped for or in the best interests of your loved ones. Any emergencies or time-sensitive issues your heirs may face could be crippling while your estate is being sorted out.

If you don’t have a will, the costs for probate can be extensive: they can end up being up to 10 percent of the total estate value.

To add to the challenges, there’s a big lack of privacy when your estate goes through the probate process. There are many estate planning tools that, when used properly, can provide you some clarity about how your assets will be handled and give privacy to your heirs.

Thankfully, with a little careful planning you can make the process easier on your heirs. Contact our offices today for a consultation designed to address your estate planning needs at [email protected].