Top Reasons to Avoid Probate
Clients have come to me and asked me why avoiding probate is such a big deal and is it really that bad. Yes it is that bad. If you can avoid probate, do so. Here are the top reasons why.
1. No Immediate Access to Cash: It can take weeks or often times months to gain access to the deceased person's cash as the account is frozen upon their death. During that time you'll be having to pay all the bills out of your own pocket, including the attorney's fees. Avoiding probate allows family members to have immediate access cash to pay bills and move on with their lives - or at least pay the bills.
2. A Probate Judge Can Get in the Way: During a probate proceeding, a judge usually has to sign off on dealing with the sale of assets, payment of large bills, etc. Avoiding probate avoids interference in family and financial matters by a probate judge.
3. Ever Increasing Probate Fees: Court filing fees are constantly increasing. The fee for opening a formal probate estate has raised from $285 to $400.
4. Probate Records Are Public Records: Probate cases are state court proceedings, which makes all of the information about the deceased person's assets, liabilities, beneficiaries, and Personal Representatives a public record. This means that anyone can go to the court house or go online to view.
These are just a few reasons on why you really want to avoid probate. To learn more on probate avoidance, please contact our estate planning attorney at Wood, Atter & Wolf, P.A. in Jacksonville and Ponte Vedra Beach, Florida to set up a consultation.
