While there are many advantages to drafting a will or trust, one of the oft-cited reasons is to avoid probate. Naturally, that begs the question – why would I want to avoid probate? There are several reasons to avoid probate, including the cost, the time, and the publicity.
One reason many want to avoid probate is the cost. In the state of Florida, there are very small circumstances where an estate can be probated without an attorney. Those circumstances include: “disposition without administration” and an estate where the personal representative is the sole beneficiary. All other situations will require that the personal representative/executor of the estate hire an attorney to assist with the process. Sometimes, other professionals such as accountants, appraisers, and auctioneers will also be necessary, further narrowing the available “pie” for beneficiaries.
Another reason is that it can be lengthy. The actual length of time a probate case takes depends on the assets to be probated and the beneficiaries who are to receive from the estate. This is especially relevant when a small business is involved, as it can take years for the taxes to be fully paid, and no assets can be distributed until the taxes are paid off.
Last, the probate process is public. Your personal estate information – including your assets – are available online for others to see. Even if you aren’t concerned about what people may think about you post-mortem, it may create trouble for your heirs and beneficiaries.
One of the best ways to prevent your estate from going through probate is to draft a will or trust. When done properly, they can help avoid probate and make life easier for your heirs. Contact a lawyer to discuss your options today.