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What are the top reasons why you should avoid probate?

On Behalf of | Jun 18, 2021 | Trusts

Planning what happens to your estate in Lake Mary, Florida can be difficult, but things are easier when you have a will. This can ensure that in the event of your death, your estate can be settled and everyone who has been designated as an heir will get the property they’re due. Some estates, especially those without a will, have to go through probate, which can be complicated and costly. However, avoiding probate is beneficial in a few ways.

What are the top reasons why you should avoid probate?

If there’s no will or it’s not filed with the county court in time, estates may end up having to go to probate. However, because probate is a long, complex matter, you are better off avoiding it. These are the top four reasons you avoid it:

  • No immediate access to money: If your surviving family members don’t have immediate access to money, they can get access more quickly if your estate doesn’t go through probate. This can prevent them from having to scrape and scrimp when they have to pay for your funeral and burial and other expenses related to the estate.
  • A judge can get in the way: During probate, everything related to the estate has to be approved by a judge. This can be a headache for your family members. If you avoid probate, your family doesn’t have to worry about being told what they can and cannot do with financial matters.
  • It can be expensive: The probate process can be expensive. You may have to deal with hefty probate fees, court filing fees and the cost of an attorney for assistance dealing with the probate itself. These fees come out of the estate, which means going through probate results in your heirs getting less than what you intended.
  • Probate records are public: Probates must go through the court, which means all of your information ends up becoming public record. Avoiding probate can prevent that from happening and keeps your family matters and financial information private.

How you can avoid probate

When a person dies, they can no longer own property. As a result, probate is often necessary if there is no will designating who gets that property. If you’re concerned about your estate going to probate in the future, an attorney may be able to help you. an attorney can help you decide who to name as your heirs and how much and what each person should receive when you’re no longer around.