Pros and Cons of Probate

Probate cons: Why avoid probate?

Even if you have a relatively simple estate, probate can eat up time and resources that not only delay your loved ones’ receipt of your assets but can also cause great stress in the months or even years it can take to settle an estate.

After a death in the family, the last thing anyone wants to do is sit through meetings with attorneys and court proceedings for months on end. And remember, all of this happens publicly as the probate process is a public proceeding.

Moreover, all of that legal wrangling costs money, which cuts into the value of probate property, even up to 10%, which means your loved ones won’t ever receive it.

Probate pros: What’s so bad about probate anyway?

The probate process actually works to protect small estates in some instances, especially for those who have died intestate, which means without a last will. In those situations, there is at least a predictable, step-by-step process in place to make sure that the correct beneficiaries inherit a decedent’s property, even if it may not be timely.

Also, if you don’t have the financial resources at the moment to undertake estate planning, having your estate bear the costs of the probate process after your death may be preferable for your circumstances.

Another potential benefit to the probate process is for those who want the distribution of their estate to be public knowledge. Wills are public records, so when they are carried out after a person’s death, the information becomes public as well.