In the field of estate planning probate avoidance strategies are often implemented. Why would you want to avoid probate? There are two primary reasons that most people would point out first.
The process involves the probate court that is local to the deceased supervising the administration of the estate. Depending on the complexity of the individual case in question it can take months or even years for the process of probate to run its course.
This is a pretty big deal to most people because the heirs to the estate do not receive their inheritances until the estate has been probated and closed.
Secondly, probate can be quite costly. There are court costs to contend with, legal fees, accounting expenses, the executor’s remuneration, and payments to appraisers and liquidators. It is not entirely uncommon for these expenses to consume as much as 5% of the value of an estate or perhaps even more depending on the circumstances.
Aside from time and money we would like to point out a third reason to avoid probate: lack of confidentiality. Because of the fact that the administration of the estate is done under the supervision of the probate court the goings-on become a matter of public record. There are those who would greatly prefer that their final affairs be conducted in private.
By utilizing a revocable living trust rather than a last Will you can steer clear of all the aforementioned pitfalls. If you would like to learn all the details, simply take a moment to arrange for a consultation with a good Indianapolis estate planning attorney.
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.