Why A Will Isn’t Enough To Avoid Probate

You read and hear about the importance of having an estate plan. So you get and execute a will, thinking that you’ve avoided the significant problems that probate court can bring.

Yes, a will is better than nothing, and a will is an important part of an estate plan. But if you think a will is all you need to stay out of probate court, think again.

The Will is Just Paper Without Probate

When you only have a will, and you pass away, the will is just a sheet of paper. It, by itself, can’t effectuate anything.

In other words, just because your will leaves property to your uncle doesn’t magically put the title to the property in your uncle’s name. Just because you leave your business to your kids, doesn’t suddenly mean that your kids are automatically authorized to act on behalf of the business.

Your beneficiaries can’t simply flash your will to whomever necessary to show they get property, or that they are authorized to act on, for or on behalf of, property.

Problems With Probate Court

To make all of this happen, the will needs to be probated, and that’s where problems can potentially happen.

In probate court, others can make claims on the property that you leave to your beneficiaries. For example, creditors can make claims on your estate. Even omitted spouses or other relatives, can make claims on your property, even if you have specifically left that property to someone in the will itself.

All of these claims must be resolved in probate court, before anybody can get what you left to them in your will.

Public Record

The will is also public. For some, that may not matter—but if you don’t want others knowing about your personal assets, probate court will make the information in your will part of the public record.

Claimants and Opportunity Seekers

You may also find that your beneficiaries are deluged with people trying to take advantage of them.

For example, long lost relatives, or estranged spouses, may show up out of nowhere. Sensing real property may have a lien on it, people may show up with “get out of quick” debt schemes, promising to help your beneficiaries avoid mortgages or liens on the property. And of course, if any beneficiary is left with significant sums of money, you can bet they will be deluged with people offering products or services to them.

Significant Expense

Because probated estates need a value, they need appraisals and accountings of the assets in the estate, and the value of the estate. The professionals needed to make this happen aren’t cheap; it is estimated that about 5-7% of an estate’s total value will be eaten up by the cost of these professionals.

Get a complete estate plan that avoids probate. Call the Torrance probate will and estate attorneys at Samuel Ford Law today.

Sources:

forbes.com/sites/forbesfinancecouncil/2021/11/17/the-problem-with-probate-in-america-and-ways-to-fix-it/

blog.massmutual.com/planning/what-is-probate-and-how-to-avoid-it