If you have heard any advice about probate, you were probably told to avoid it at all costs. In probate, the court system takes stock of all of these assets, pays the debts and distributes anything that remains to your heirs.
If the deceased left a will, the court tries to honor the requests indicated. Three years can be a very long time to wait when you are waiting to get your hands on Uncle Milt’s Ferrari.
Furthermore, probate can be costly. While the costs of probate vary by state, probate can be very expensive. Generally, if probate is avoided, the heirs can spend the deceased’s money instead of the state.
Probate is a public process
Since probate is handled by the court system, all of the documents and information used in the probate process become part of the public record. The biggest benefit is that a trust allows you to avoid probate entirely because the property and assets are already distributed to the trust
References:
MacDonald, A. (2017, August 07). Do you Know the Top Reasons to Avoid Probate? Retrieved September 02, 2020, from https://www.legalzoom.com/articles/do-you-know-the-top-reasons-to-avoid-probate