A Look At Probate Avoidance
When you start to explore the subject of estate planning you are invariably going to hear
about probate avoidance. People who are new to the subject may not even know what
probate is much less why they might want to avoid it, so we will take a look at the
When you pass away using a will to transfer assets to your loved ones your estate is
going to have to pass through a legal process that is called probate. During this interim
the probate court is responsible for making sure that the will is valid. The court will then
supervise the administration of the estate.
Probate is a public proceeding, and what takes place becomes a matter of public record.
Plus, if anybody wanted to contest your will they would do so before the probate court.
One of the reasons why people choose to avoid probate is because it provides a forum
for will challenges.
In addition to this, probate can be quite time-consuming. Depending on the complexly of
your estate and the caseload of the court at any given time it can take anywhere from
several months to several years for the process to run its course. And of course the heirs
to the estate do not receive their inheritances until the estate has been probated and
In addition to the above pitfalls, probate can also be quite expensive. The court itself
charges a fee, and the executor is entitled to compensation for his or her time. The
executor is going to have to bring in a probate attorney, and in many cases a tax
accountant, an appraiser or appraisers, and an estate liquidation company will be
necessary. All this can up to a considerable amount of money, and these expenses are
another reason why some people avoid probate.
The best way to gain a more detailed understanding of the probate process and how you
can avoid it would be to arrange for a consultation with an experienced estate planning
Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at
Law offers estate planning and business planning resources to residents of Indianapolis
IN. To learn more about these free resources, please visit www.frankkraft.com today.