Why Avoid Probate?
A handful of reasons to stay out of probate court.
Most of us have heard that it's wise to avoid probate. But why? In a nutshell, there are two big problems with probate:
- It usually ties up property for months, sometimes even a year.
- It's expensive. Attorney and court fees can take up to 5% of an estate's value.
The Probate Process
Most of what happens during probate is essentially clerical. In the vast majority of cases there's no conflict, no contesting parties, none of the usual reasons for court proceedings. Probate rarely calls for legal research, drafting, or a lawyer's adversarial skills.
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The probate attorney, or the attorney's secretary, fills in a small mountain of forms and keeps track of filing deadlines and other procedural technicalities. In some states, the attorney makes a few routine court appearances; in others, the whole procedure is handled by mail.
Probate Fees
For their services, both the lawyer and your executor will be entitled to fees from your estate.
Executor fees. It's common for the executor to waive the fee, especially if he or she inherits a substantial amount of your property.
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