Showing posts with label Probate court. Show all posts
Showing posts with label Probate court. Show all posts

Thursday, February 15, 2024

Why You Should Try To Avoid Going to Probate Court

If you’ve had a loved one recently pass away, you’re probably dealing with the process of settling their estate as well as probate court.

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.

Tuesday, August 27, 2013

A Will Can Be Contested in Probate with a Variance

Are you interested in laws relating to probate NSW has established because one of your parents just passed away and you and your siblings are trying to divide things up according to the will? If so, you may have heard about how a probate court will look into cases where a false will may have been written to determine if it is real or not. If the court determines that the will was not forged or altered in any way, it will have to be followed, even if people do not like it. If it was altered or forged, steps will be taken to determine what should actually be done, and the fake will can be tossed out.

However, what if you disagree with a will that was left, even though it is authentic? Is there anything that you can do? For example, what if you got in a fight with your father right before his death and so he cut you out of the will entirely, giving all of his money to your sister and leaving nothing for you. He did this because he was angry. It was an emotional decision, not a rational one that represented what he really wanted, but is it still a binding contract? Are you stuck with those results?

Generally, a court will not rule against a will. However, there is still something that you can do, and it is known as a variance. When you create a variance, you alter the will that the person left, in a legal fashion, to change what you get. The big catch is that the other parties must agree. If they will be getting less since the change is in your favour, they have to say that they think this is fine. The will can then be changed and the money or assets given out accordingly.

This is done because, if all parties are in agreement, it would be easy for them to redistribute things anyway. For example, if your sister got the vast majority of the money, but she thought that you deserved more, she could simply take her portion from the will and write you a check for what she thought you should get. It would be incredibly easy to circumvent the will. Therefore, variances were created, but they cannot take place if anyone who would lose money or assets disagrees and wants the will to remain unchanged.

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