Probate is considered to be a legal process where a court manages the distribution of your assets that are left when you die. The probate process is also considered to be the general administering of your will or your estate if you die intestate or without a will. The probate court will appoint an executor or executrix that was named in the will or appoint an administrator if there is no will to handle the collection of assets, pay any outstanding liabilities, and then distribute any assets that remain to your beneficiaries that have been named in your will. There are a large amount of legal and tax implications with the probate process, so you will want to speak with an estate planner and or a financial planner to help minimize the costs for your loved ones.
There are some advantages to avoiding probate that should be looked at. One advantage of avoiding probate is the cost. Another advantage of avoding probate is it can be a lengthy process. Probate fees can be costly to your estate especially if you own property in other states. You may likely have probate proceedings in multiple states. Avoiding probate can speed up the process of settling your estate. An advantage of probate is your heirs and your beneficiaries are protected by the courts. Creditor’s claims can be made against your estate for a limited time, and all questions and disputes within you estate are usually settled with the courts. Some disadvantages to probate are probate can be an extremely time consuming and a costly affair for your estate. Probate proceedings are a matter of public record since there are no privacy laws when your estate goes to the probate court, and probate court proceedings are inherently uncompromising. Contact an estate planner in your area to find out how you can avoid probate.