Probate court is a system that oversees the management and proper distribution of a person's estate according to their wishes. While this might seem straightforward, it’s common for executors and family members to experience issues with probate.
In fact, it's a complicated process that can take months, sometimes even years, to resolve. Fortunately, by knowing why you should try to avoid going to probate court now, you can set your loved ones up for success in the future.
Here’s what you need to know.
#1: It's Time-Consuming
As mentioned, probate court can be a drawn-out process, as it becomes the court’s responsibility to oversee the distribution of assets, paying off of debts, and resolving of any disputes.
This can take months, if not years to finalize. But there are ways to reduce your chances of needing this interference. You could establish a trust fund instead.
You should take advantage of several benefits of trust funds, including bypassing probate court entirely. This is because the assets in the trust are already settled.
#2: It's Expensive
Probate court also comes with fees and expenses that can add up quickly, especially if something happens to prolong the process, such as a family dispute.
These expenses come from the legal fees, court costs, and other miscellaneous expenses that arise during the probate process. In contrast, setting up a trust only involves the one-time legal fees for drawing up the necessary paperwork.
#3: It's Public
Probate court proceedings are usually open to the public, which means anyone can access your family's personal and financial information.
This can be a significant invasion of privacy for many families. To avoid this scenario, settle your affairs privately beforehand in the form of a will or trust.
#4: It's Complicated
Another reason why you should try to avoid probate court for your estate is the complex nature of the proceedings. There’s a lot of paperwork involved with probate court proceedings, as well as strict deadlines that executors must meet.
This can be difficult for family members who may not be savvy with legal jargon or may not have the time and resources necessary to navigate the court system. Detailed wills and trusts leave less room for complications since everything is already organized.
#5: It's Not Personalized
Above all, the court has a set of specific distribution rules, meaning that executors won’t be able to personalize where certain items go on their own.
As a result, the probate court system can be an impersonal process that doesn't account for the departed loved one’s unique circumstances or wishes. By establishing a trust fund, you have the flexibility to create a customized estate plan that meets your specific needs.
Final Thoughts
The more time and effort you put into your estate plan, the smoother it will be to settle your estate for your loved ones. Probate court is no fun for anyone, and it’s the last thing your family wants to contend with when grieving your passing.
Speak to a reputable attorney to establish a trust fund and protect your family's future.
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