Estate planning attorneys will often advise their clients about the drawbacks of the probate process.
When you use a last will to express how you want your financial resources divided the activities do not take place privately among family members. Your estate must be probated when you use a last will to direct asset transfers.
During this process entities that have business with the estate can come forward seeking satisfaction. If someone wanted to contest the will this individual would present his or her arguments during the probate process.
Additionally, property often times must be liquidated so that its value can be spread among multiple heirs.
All of the above can take quite a bit of time. Exactly how much time it will take depends on the exact circumstances of the estate in question.
Obviously, the more property you have the more complex it may be to probate the estate. In the case of the recently deceased Bee Gees singer Robin Gibb we are talking about €93 million worth of assets.
Among his resources were multiple very valuable homes. According to the Daily Mail it may take as long as five years or so for the property to be readied for distribution to his wife and children.
There are estate planning strategies that can be implemented that will facilitate a transfer of assets directly outside of probate. If you would like to explore your options with regard to probate avoidance take action right now to set up an informative consultation with a licensed and experienced Cleveland estate planning lawyer.
- Preparing for Coronavirus - March 31, 2020
- Beneficiary Designations and Other Non-Probate Transfers - February 24, 2020
- Estate Planning Conference DiscussesSECURE Act and More - February 17, 2020