Avoiding Probate
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Reasons
To Avoid Probate
- Avoiding
Probate - Probate
requires an intrusion by the court, lawyers, and the
public into a very private, family, and emotional
time.
A judge will determine who is the guardian of your
minor children (if you have them), who is a legitimate
creditor, and will rule on the distributions to children
and other beneficiaries. Your estate may have to hire
a lawyer which can be expensive.
- Avoiding
Probate - The affairs of your assets
and family will become public knowledge. In most
states, the fact you have died, and have a probate
file, necessitates that your probate case number be
published in the local newspaper. The contents of
your will is necessarily on file in the courthouse.
Wills become public documents for all to read, and
make no mistake, Wills are read. They are read by
the court house staff, by newspaper reporters, or
by anyone else that wants too.
-
Avoiding
Probate - Probate takes time. Unless
your administrator/executor/personal representative
certifies that there are no debts owed by the estate
(a rare occurrence, since most everyone leaves some
debts behind) and is willing to sign a personal
guarantee of your debts, the probate laws generally
mandate that your assets may not be distributed
until six months after your death. This "delay"
is allowed to give your creditors time to petition
the court for full payment from your estate. How
do your creditors know you passed on? The fact you
died is published, along with your probate file
number in the local newspaper. Any assets that are
distributed before that time may make your administrator/executor/personal
representative personally liable for the repayment
of such amounts, even if the beneficiaries to whom
distribution is made have already spent the money.
- Avoiding
Probate - On average the probate process
takes from three to eight percent of your family estate
out of the hands of your beneficiaries and gives it
to the courts, attorneys, guardian ad litems (temporarily
serve as guardians of minor children or incompetent
individuals who may have an interest in your estate),
and other outside individuals.
-
Avoiding
Probate - If you are not competent
at any time before your death, the trustee of your
revocable trust can serve as the guardian of your
property. This can avoid the expensive and embarrassing
public guardianship proceeding, where your children
have to prove that you are not able to manage your
own affairs. A revocable trust combined with a power
of attorney can provide the most complete protection
available.
Avoiding Probate
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