Is Probate Bad?
Do I need a will? What are the benefits of a trust? What to do after the death of a loved one.
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Is Probate Bad? |
You can be the judge. Estimates of probate costs range from 5% to 10% of the gross value of an estate before any debts are paid. These costs include court, legal and executor fees. Probate takes a long time. It can take up to 2 years. During this time all assets are frozen, and the beneficiaries generally get nothing. However some states may have provisions for an interim family allowance if needed. You can never justify the delays and headaches associated with probate to a family member, especially in a time of grief. Probate is nothing more than tedious paper work caught in an antiquated legal system that desperately needs change. If you own real property in another state, probate is required in each and every state that you own property. This adds greatly to the expense and delay of your probate proceeding. |
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