Probate can be simply and briefly defined as the legal process of estate administration. When you use a last will to direct the transfer of your assets to your heirs your estate must be probated before anyone receives their inheritances. This process serves a purpose, but at the same time it can prevent a smooth, timely, cost-effective, and efficient distribution of resources to your loved ones.
Exactly how long probate will take depends on the jurisdiction in question and the complexity of the case. If anyone wanted to contest the will they would present their arguments before the probate court. This would certainly slow things down considerably, but even in ordinary cases probate typically can take several months to a year in most jurisdictions.
In addition to the time lag that is presented by probate, there are also significant expenses that go along with the process. The court itself imposes a charge, and the executor is entitled to payment for his or her time and effort.
The executor is going to have to bring in various professionals to assist in most cases, and there is a price tag attached to this. In all these probate expenses can add up to consume a significant portion of your legacy.
The above are some of the reasons why probate is often avoided. If you would like to explore your options with regard to probate avoidance, don’t hesitate to pick up the phone to arrange for a consultation with a good Indianapolis estate planning lawyer.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
- Updated Federal Gift and Estate Tax Figures for 2023 - January 26, 2023
- Why Estate Planning Is Important for Multi-National Couples - January 24, 2023
- When Do I Need to Update a Trust Agreement? - January 19, 2023
