Question: What is Probate and Why Avoid Probate?
Probate is a court proceeding in which the validity of a will is proven, distribution of assets are made, title is cleared, and debts are paid.
This all sounds like a good and proper thing to do. So why avoid it?
Probate is (1) expensive, (2) public, and (3) time consuming.
Up to 10-15% of your gross estate can be taken by the court, lawyers, appraisers, and other people who are not your beneficiaries.
Probate proceedings are held in open court. This is how and why we know about every detail of the wills left behind by famous people.
It takes time for probate proceedings to finish, sometimes up to 6-18 months. During this time, assets are frozen and family members can be left without any cash while their expenses remain fixed
"Up to 10-15% of your gross estate can be taken…"
