When someone dies with a valid will, but without a Living Trust, their estate is subject to Probate. This can also happen where there is no will at all. Probate means, “to prove the will.” The probate process was designed to prove that the decedent actually had died, and that the will in question was the actual will belonging to the deceased. Today, probate is best described as a court-supervised process by which a decedent’s assets are gathered, valued, and distributed according to the decedent’s wishes, as stated in his or her will.
In addition, the probate process also requires a formal process by which all creditors (even including potential creditors) of the deceased, known and unknown, are notified of the death, and given the opportunity to make a claim on the decedent’s estate. They have a certain amount of time during which they must make a claim upon the estate. Also, all heirs and beneficiaries must be given notice of all probate proceedings.
Due to the formal, court-supervised nature of the Probate process, the average length of a probate case can be anywhere from six months to a year and a half, depending on the complexity of the case and a variety of issues.
Generally, most people who want to avoid probate will put together a comprehensive estate plan. One of the main advantages of creating a plan is the avoidance of the probate process.
Disadvantages of Probate:
Cost — The probate process as a whole can get quite expensive. It can cost the family thousands of dollars.
Time — As indicated, the average length of time for a probate is anywhere from 6 to 18 months.
Lack of Privacy — Probate is a public procedure. Therefore, all your financial and personal records become available to the public. Anybody can access all of your personal and financial information.
Restricted Distribution of Assets — Because of the court-controlled process, getting money in the hands of your beneficiaries may be slower and more complicated than you would like. Family allowances are often granted, but only after petitioning the Court. Likewise, paying family members back for funeral and other costs can be slow, and subject to Court Approval.
Again, most of these headaches can be avoided with a proper estate plan. Many families lose unnecessary amounts of money due to the probate process. Estate Planning tools are available to everyone. The problem is that very few people choose to implement the tools. Most people find out after it’s too late.
If you’d like to receive the “Estate Planning Information Package,” please contact me via email at rob@mansourlaw.com , call my office at 661-414-7100, or send your request to my office at 28212 Kelly Johnson Parkway, Suite 110, Valencia, California 91355.