Probate is a court-supervised administration of a decedent’s estate. It’s a process created by state law to transfer assets to someone’s beneficiaries. While this might sound like an easy solution at first, probate can actually be a complicated, lengthy, and costly process, and especially frustrating for loved ones. An experienced estate planning attorney explains more.
What Is Probate? Here Are the Pros and Cons
Understanding what probate is and how the process works is an essential part of estate planning. When you arrange for an initial consultation with a qualified lawyer well-versed in this area of law, they’ll take time to learn more about your personal and financial circumstances, then outline some of the pros and cons of probate. Here’s what you need to know.
Pros of the Probate Process
- As a court-run process, probate ensures that each stage is administered in line with the most current laws and regulations.
- Probate allows for the orderly distribution of assets and debts according to the instructions of the deceased.
- It’s the official process for ensuring that creditors of the estate are properly notified and paid.
- Probate also allows for the resolution of legal disputes that may arise concerning the validity of a will or other matters concerning the estate.
Cons You Should Be Aware of to Protect Your Family
- Probate can be a drawn-out process, taking anywhere from six months to two years to complete, depending on the complexity of the estate or if there isn’t a valid will in place.
- In most cases, the executor of the estate is likely to incur significant costs in the form of legal, accounting, and other fees (such as probate court and filing fees).
- Probate proceedings are public, meaning that the details of the estate and its beneficiaries may become public knowledge.
- The probate process can be contentious if there are disagreements over the will or other matters concerning the estate before the distribution of the estate to the beneficiaries.