There are many reasons people call probate a nightmare.

Take it from me, there’s a lot of truth to all of them – here’s what you need to know.

Probate is a court-supervised process that is used to transfer assets from the estate of a deceased person to his or her beneficiaries.

If the thought of the court controlling everything your worked for troubles you, you’re right – it should.

And, even if you have a will, probate still could be required.

The law is clear. If a deceased person owns real estate worth, or with market value of $200,000 or more (equity position is irrelevant), or non-beneficiary personal property (like bank accounts, stocks, vehicles, businesses) worth $75,000 or more, a probate is required.

If it is, that’s when the fun begins and it’s much more than an inconvenience.

Probate, thanks to slow docket turn, attorney schedules, and conflicts, can be very time-consuming.

There is also the requirement to publish notice to potential creditors and wait four months that makes it still worse.

Probate leaves your beneficiaries with avoidable and expensive legal fees, court fees and executor fees. Avoidable fees that can not only slash the value of your estate but even drain it completely.

I wish that was the end of it, but there’s still more.

Information and all the details of your assets – and the family drama – become part of the public record, readily available for anyone to see online or at the local courthouse.

And if you’re asking yourself How ugly could it get? – here’s a link from a Forbes article about Prince’s absolute mess of a probate case. For all of his success, and all his money, years after his death Prince didn’t take care of his estate planning and his heirs haven’t received a penny (but the lawyers sure have).

Spare your family the drama, save them time and money, and avoid the public spectacle.

My advice is to reach out and let us explain how you can with a living trust. We’re here to help.

To learn more, visit us online, reach out with an email, or fill out our online questionnaire.

Thanks for reading and all the best to you and yours.

Aaron