In settling your
estate, the probate process takes time. Unless your administrator/executor
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. Any assets that are distributed
before that time may make your administrator/executor personally
liable for the repayment of such amounts, even if the beneficiaries
to whom distribution is made have already spent the money.
A revocable trust
can avoid this delay because, if you have propertly funded
your trust, you avoid the entire probate process. The settlement
of your estate can, depending upon it's size and character,
be accomplished in less than one-third the time and while
sitting at the kitchen table.
